[GEOPOLITIC] Russia is biggest oil producer. International Energy Agency

The International Energy Agency says Russia has turned into the biggest crude oil producer, a title traditionally belonged to Saudi Arabia.

The International Energy Agency declared on Tuesday that Russia has been the biggest crude oil producer in the first quarter of 2008, extracting 9.5 million barrels per day, ahead of Saudi Arabia at 9.2 million barrels, AFP reported. The International Energy Agency ranks the United States as the third-biggest producer with 5.1 million barrels per day, followed by Iran, pumping 4 million barrels per day

[GEOPOLITIC] Russia is biggest oil producer. International Energy AgencyChina is in fifth place with output of 3.8 million barrels per day. In principle, Russia's oil bonanza could continue for years: it has the world's seventh-biggest oil reserves, at 80 billion barrels, according to BP, a British oil firm.

And oilmen reckon there are 100 billion more barrels to find--"the biggest exploration prize in the world", in the words of Robert Dudley, the boss of TNK-BP, BP's Russian joint venture.

Source: PressTV

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