In a recent interview on the Keiser Report I found myself casually mentioning that Russia had now surpassed Saudi Arabia to become the number one oil producer in the world. This is not an event that happened last month, either. The leap forward emerged as far back as 18 months ago, in October of 2008. It seems in Russia, big things often unfold in October.
As subscribers to Gregor.us Monthly know, I like to break up the world of global oil production into four parts. There is OPEC, anchored by Saudi Arabia. And then there’s Non-OPEC, anchored by its top producer, Russia. With the most recent EIA data out for April crude oil production, I made up charts for Saudi Arabia, and Russia, and thought it might be instructive to pose a few questions. First, let’s take a look at Russia http://seekingalpha.com/article/216593-saudi-arabia-russia-and-oil-production?source=feed