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

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…

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