maize oil production line arabia in russia

                                               
                                               
                                               
                                               
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  • How much oil does Russia produce in 2022?
  • In January 2022, Russia’s total oil production was 11.3 mb/d, of which 10 mb/d was crude oil, 960 kb/d condensates and 340 kb/d NGLs. By comparison, US total oil production was 17.6 mb/d while Saudi Arabia produced 12 mb/d. Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia.
  • Did Russia and Saudi Arabia cut oil production?
  • Just two months earlier, Russia and Saudi Arabia, which together sell more than 20 percent of the oil used by the world, had agreed to cut production. But while Saudi Arabia followed through and sold less oil to other countries, Russia does not appear to have done so.
  • Why did Russia refuse to cooperate with Saudi Arabia?
  • In 2020, as the Covid pandemic undercut the global economy and oil prices, Russia refused to cooperate with Saudi officials to make deep production cuts to stabilize prices. In response, Saudi Arabia flooded the market with oil, crashing the crude price and badly damaging Russian oil companies.
  • Why is Saudi Arabia slowing oil production?
  • The Manifa oil field in Saudi Arabia. The kingdom’s plan to slow production in order to raise oil prices has been complicated as Russia keeps its petroleum exports flowing. Christophe Viseux for The New York Times