Russia Surpasses Saudi Arabia in Oil Production

For the first time since the fall of the USSR, Russia's oil output has exceeded that of Saudi Arabia. According to The New York Times, "Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the first quarter, according to Energy Ministry data. Saudi shipments fell to about 7 million barrels a day, from 7.39 million, according to International Energy Agency estimates of output and domestic demand." Last year, Saudi Arabia was producing up to 10 million barrels a day but has since decided to reduce their output. Soviet output peaked at 11.48 million barrels a day in 1987.