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Baseefa Ltd

Russia largest world crude producer in 2012

11 January 2013

According to a Reuters report citing Russian Energy Ministry data, Russian crude oil output in 2012 rose 1% to a new post-Soviet high of 10.37 million barrels per day (bpd), making it the largest world producer, ahead of Saudi Arabia. 

Russia, whose proceeds from oil gas constitute around half of budget revenues, aims to keep its crude production at no less than 10 million bpd until 2020, according to the Reuters report. 

In tons, Russia’s crude production was 518.018 million last year, the ministry said, up from 511.432 million tons in 2011. 

Production could decline in 2013, however, due to the depletion of some oilfields in West Siberia.






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