"Russia Ramps Up Oil Exports as OPEC Cuts Back"

"MOSCOW — Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse as Prime Minister Vladimir V. Putin exploits OPEC production cuts to gain market share.

Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the first quarter, according to Energy Ministry data. Saudi shipments fell to about 7 million barrels a day, from 7.39 million, according to International Energy Agency estimates of output and domestic demand.

Investors had expected Russian supplies to decline this year...."

Bloomberg had the story September 8, 2009.

Friday, September 11, 2009