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Russia still top oil producer at 10.2 million bpd

August 04/2011

(Arabian Oil and Gas) -- Russia matched post-Soviet record oil production recorded in May this year by pumping 10.26 million barrels per day (bpd) of crude in July, according to a Reuters report. Russia also pumped 10.26 million barrels per day (bpd) in October 2010. The June rate was 10.2 million bpd.


The country remains the world's top oil producer, with rival Saudi Arabia rapidly closing the gap as increased production comes on stream.


By comparison, Saudi Arabia pumped as much as 9.8 million bpd in June, an increase of as much as 900,000 bpd in response to the loss of Libyan supply after it failed to persuade OPEC of the need for a coordinated increase, said the report.


But while the kingdom had the spare capacity to ramp up production by nearly 10 percent in a month, Russia's top oil companies are struggling to grow by just a few percent a year.


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