Russia passes Saudi Arabia in oil supply

Russia passes Saudi Arabia in oil supply

Editorial Staff
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The global oil industry is going through a time of serious change. The latest proof comes from British Petroleum's annual report, according to which Russia is now the main oil exporter on the market

In 2015, Russia passed Saudi Arabia in terms of oil supply, becoming the main oil exporter on the global market. The news comes from British Petroleum’s annual report, an important piece of information that clearly exemplifies the deep changes currently taking place within the global energy sector. Specifically, last year Moscow exported 74.9% of extracted crude oil and 33.7% of extracted gas, becoming the main supplier of hydrocarbons for European countries. Internal consumption instead decreased by 5.2% and 5% for oil and gas respectively. Regarding fossil fuel extraction, Russia took third place behind China and the US, while oil output increased by 1.2% reaching an all-time high in the post-soviet era. For the second straight year instead, gas production went down, this time with a 1.5% decrease, same for hydropower, which netted a 3% loss. Lastly, coal output grew by 4.5%, and nuclear power and renewable energy production went up by 8% and 6.8% respectively, significantly more than the average growth rate over the last decade.