Russia and Africa Have Massive Production/Israel and Egypt Develop Major Gas Fields

Although the U.S. surpassed Saudi Arabia and Russia in oil production in 2014 (due to massive output from shale), Russia’s crude output reached a record 10.83 million barrels daily in 2014, up from 10.78 million barrels in 2013, according to BP (following a downturn in 2008 during which output fell for the first time in a decade). Russia has become a powerhouse in crude production, behind the U.S. (with 11.64 million barrels of production in 2014) and Saudi Arabia (with 11.51 million). Production costs remain relatively low in many Russian fields.

Russia holds among the world’s largest reserves of conventional oil and natural gas. Geographically speaking, Russia is perfectly located to feed the increasing demand in China for oil and gas and quite capable of supplying Japan, which has no major petroleum sources of its own. Meanwhile, Russia is a vital supplier of natural gas to European nations via an extensive network of pipelines. At one time, Western companies were clamoring to cooperate with their Russian peers in exploration and in constructing vast new pipelines to deliver Russian oil and gas to thirsty markets. However, in 2006, the Russian government became much less accommodating to the investment interests of foreign oil firms, and forced some companies out of their positions in major Russian projects.

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Russia and Africa Have Massive Production/Israel and Egypt Develop Major Gas Fields, Business and Industry Trends Analysis

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