MOSCOW (Sputnik) — Russia is the world’s second biggest oil producer after Saudi Arabia. The OPEC oil cartel estimates that it produces 10.11 million barrels of crude a day, followed by the United States with 9.43 mb/d. The Saudi monarchy’s daily output stands at 10.19 mb/d.
"We expect our projects in the oil and gas sector to guarantee a stable level of oil output. Every year, we are told – and keep telling ourselves – that the oil output will sink. We will take action to maintain production at a stable or even higher level, which will increase budget revenue," Dvorkovich told reporters.
Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The price drop has been attributed to slowed global economic growth, decreasing energy demand and major producers flooding the market with oil.
