Russia overtakes Saudi Arabia as world's leading oil producer

Statistics recently published by the oil cartel OPEC show that Russia is currently extracting more oil than Saudi Arabia, making it the biggest producer of "black gold" in the world. According to OPEC, in June 2006 Russia extracted 9.236 million barrels of oil [per day], which is 46,000 barrels more [per day] than Saudi Arabia. In recent years Russia has re-nationalized and modernized much of its industry and that policy now appears to be paying off.

Russia is enjoying an unprecedented bonanza, but analysts say its oil industry is already working close to capacity and that it will be able to manage output increases of up to only 2% a year between now and 2009. There are also fears that Russia is becoming too addicted to what politicians call "the oil needle", and is doing too little to develop future revenue streams. Money from oil and gas accounts for 52.2% of all revenues to the state treasury and more than 35% of Russia's exports.

- Russia has also surpassed Saudi Arabia, and more convincingly so, in boe terms - 13.3 million boe per day, compared with 10 million boe/d for Saudi Arabia.

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