Russian oil production reached all-time high in August

Russian crude oil production edged up 0.9% in August to register a new all-time high of 9.759 million barrels per day. The increase was largely a result of the Exxon-led Sakhalin-1 field coming on stream. Sakhalin-1 aims to be pumping 250,000 barrels per day by the end of the year, so the output record could be overtaken again within months if production is ramped up further.

MosNews reported in August that the recent ramp-up in production has made Russia the world's biggest oil producer, surpassing even Saudi Arabia. Still it should be noted that Russia has taken the top spot only by pumping at full tilt while Saudi Arabia takes a relative breather, with several million barrels of production capacity in reserve.

- Yeah right, Saudi's oft-touted reserve capacity is heavy sour crude which sells at a steep discount to the light crude price because it's much harder to refine.

- Maybe I should go long on Russia. "Tum ta tum" - so plays the theme from Red October.

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