In September 2023, crude oil production in Russia was measured at 9.5 million barrels per day, having remained on the same level as in the previous month. In April 2022, the output saw a decrease due to Western bans on oil imports from Russia due to its invasion of Ukraine that started in February 2022. The production also dropped significantly in the second and third quarters of 2020 during the oil price war with Saudi Arabia.
Russian oil production after the invasion of Ukraine
Despite the Western sanctions on its oil industry, Russia increased its crude oil production in 2022 compared to the previous year, by nearly two percent. Having stopped supplying crude oil to the U.S. and the European Union (EU), Russia has increased imports to China, India, and Turkey, which have become the leading importers of this product.
How much oil is produced in the BRICS?
In 2022, three of the BRICS members, Russia, China, and Brazil, made it to the top 10 oil producers worldwide. Russia was the leading oil-producing country among the organization’s members, having produced over 11 million barrels of oil per day. India had a significantly lower oil production volume, at less than one million barrels daily, while South Africa did not produce crude oil. Thus, in total, the BRICS countries produced approximately 19.1 million barrels of oil per day.