Russia oil production surged in 2012

Jan. 8, 2013 at 8:56 AM
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MOSCOW, Jan. 8 (UPI) -- Russia emerged as one of the largest oil producers in the world alongside Saudi Arabia by posting a post-Soviet production high last year, Moscow said.

Oil company Rosneft contributed to the bulk of the increase in oil production alongside others like Gazprom. Last year, oil production increased an average 100,000 barrels per day to 10.4 million bpd, the Financial Times reports, citing government figures.

Russian oil expert Thane Gustafson, a researcher at Georgetown University, said recently that most of Russia's new oil production is coming from fields discovered during the Soviet era, the report adds. Most of the expansion in production came from fields near or in Siberia.

The U.S. Energy Department's Energy Information Administration reports that oil production from Saudi Arabia in 2011 was around 11.1 million bpd. Oil production from Russia was reported as 10.2 million bpd.

The EIA states Russia has the ninth-largest crude oil reserves in the world and is No. 1 in terms of natural gas.

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