December 16, 2022
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+.