Where would the world be without the extraordinary growth in Russian oil supply this decade? Not in a good place... Russia’s near 50% oil production increase since the year 2000 did a lot of heavy lifting. And it’s concerning that this very fast growth rate has now topped out.
North American crude oil production (Canada + US + Mexico) saw, during the current decade, its highest levels in 2003 at an annual average of 11.358 Mb/day. The high month of production that year was in September, at 11.450 Mb/day. In that year, 2003, the average price of oil was 31.08. But by 2008, North American crude oil production had fallen to 10.338 Mb/day. Thus, as the price of oil went from 31.08 in 2003 to the 2008 average of 99.67, North American crude oil production lost over a million bbls a day.
Russia... has become the world's biggest exporter of oil.
Russia toppled Saudi Arabia from the number one spot. It is already the world's largest exporter of gas, and supplies around a third of the European Union's consumption.
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