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Global Oil Production

Global Oil Production

| March 07, 2022
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 It is well known that Russia is one of the world’s largest producers of energy, both natural gas and oil.  So as gas prices continue to hit new highs across the country, just how much of the world’s oil does Russia produce?  Data from the U.S. Energy Information Administration shows that Russia is currently third in the world in daily production of Brent crude oil, with 11% of the total.  The U.S.A. leads with 20% and Saudi Arabia is second at 12%.  Interestingly enough, Russia’s “Urals grade” oil is now trading at an $18 per barrel discount to Brent as buyers are bypassing Russian oil in favor of other exporters. (Data: EIA, Chart: chartr.co)

Jeffrey Cerny

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