Russia’s oil production to fall this year.
March 28th, 2008 by Jim JustRussian oil output are expected fall this year for the first time in a decade as rising costs and harder-to-reach fields are making it difficult to maintain production levels.
Output fell 0.7 percent in January and 0.9 percent in February, to 9.79 million barrels a day, compared with the same months last year, according to Energy Ministry data.
The Bloomberg article refers to Russia as the “world’s second-biggest supplier.” As these charts from The Oil Drum: Europe show, for the last couple years Russia has displaced Saudi Arabia to become the world’s top supplier of crude – although the picture isn’t quite so clear when it comes to all-liquids.