December 16, 2022

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Russian oil production decreased significantly (-25%) in early 1990’s from about 8 MMBbl/d in 1992 to just over 6 MMBbl/d to close out the 1990’s due to a structural crisis in the Russian economy.

Production started to grow after 1998 and reached its peak of 11.5 MMBbl/d in 2019 – an increase of about 5.5 MMBbl/d; over 80%.

In 2016, when oil prices were low, Russia and 9 other oil producers joined OPEC+; OPEC+ produces 40% of all the world’s crude oil.

The recent drop in Russian oil production is due to the Covid-related slowdown in global oil demand. This drop was coordinated with OPEC+.