In may, Russia remained the world leader in oil production

© RIA Novosti / Maxim to Bogodeeva in fotosannette machines-rocking in the Almetyevsk district of Tatarstan Republic. Archival photoIn may, Russia remained the world leader in oil production© RIA Novosti / Maxim to Bogodeeva the image Bank

Russia in may, has maintained a leading position in oil production in the world, producing an average 10,973 million barrels of oil per day ahead on this indicator the United States and Saudi Arabia, who took second and third place respectively, according to data of the Ministry of energy, energy information administration US Department of energy (EIA) and OPEC’s report in July.

According to the website of the Ministry of energy, Russia in may produced 46,407 million tons of oil, equivalent to approximately 10,973 million barrels per day. On a monthly basis, average daily production increased by 0.07%.

According to the EIA, published on Tuesday, the US in may was extracted 10,442 million barrels a day, reducing this figure by 0.3% compared with April. At the same time, according to the July report, OPEC oil production of Saudi Arabia in may rose 1.2%, to 10,015 million barrels per day.

The United States in November 2017 for the first time broke its historical record for oil production almost 50 years ago. The figure then reached 10,099 million barrels per day compared to 10,044 million barrels per day in November 1970.

After November 1970, the average daily production in the U.S. began to decline on the background of the depletion of conventional reserves, and in September 2008 it fell to 3,971 million barrels per day. However, over the last 10 years oil production in the United States have recovered what was due to the development of technology made more accessible and profitable stocks hard-to-recover shale oil. An additional incentive was the lifting in the USA in December 2015 ban on oil exports that lasted 40 years. The current growth in production also contributed to the recovery of the oil market after the recession in 2014-2015.

The recovery of the oil market largely contributed to the efforts of the countries of the agreement on the reduction of oil production, including Russia and Saudi Arabia. OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal started from the beginning of 2017 and was extended twice, most recently until the end of 2018. In June, OPEC+ agreed goal is to escape from the fulfillment of the transaction, increasing production by about 1 million barrels a day.In may, Russia remained the world leader in oil production© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market