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The Russia has overtaken Saudi Arabia in oil production

This can have a significant impact on the currency market.

31.May.16 4:24 AM
By Abigail Richards


The Russia has overtaken Saudi Arabia in oil production
The Russian Federation has overtaken Saudi Arabia in oil production. So, according to Rosstat, by the end of March of current year the Russian Federation has managed to significantly surpass Saudi Arabia in oil production: 10,927 million barrels per day compared to 10,120 million barrels per day. According to Russian authorities, in March 2016, the OPEC countries extracted 32,251 million barrels per day.

Many analysts believe that this is a very good situation, and Russia need to strengthen these positions, trying to increase even more this show. If the situation does not change, and Russia will be the leader in this indicator, the foreign exchange market can be a major leap, and it should be ready.

Specialists of Rosstat pay attention to the fact that the volume of export of oil and gas condensate from Russia in the first three months of this year amounted to 62 million tonnes, almost five per cent more than the same indicator for the first three months of last year.

In addition, it is known that oil production, including gas condensate, amounted to 138 million tons, which is almost a five percent increase compared to last year.

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