Russia's oil output at record high in May

Russia's oil output reached a record in May according to the preliminary data reported by the Energy’s Ministry CDU-TEK unit.The oil production has reached 10.708 million barrels per day, following by the competitor  Saudi Arabia with  10.25 million barrels. The third place is for USA.

According to James Henderson, analyst of oil markets from Oxford University, Russian oil output has proved to be too resistant to the fall in prices and for Russia it will not be difficult to maintain production at a high level in the next year or two.

The fact is that after the implementation of the international sanctions against the Kremlin for Russian participation in crisis in Ukraine and the annexation of the Crimea Peninsula, oil production in Russia is growing. In 2014 the country was third in oil production in the world.