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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Saudi Arabia Calls The End Of Russia’s Oil Prowess

Saudi Arabia has not only called the end of Russia’s prominence as a global oil behemoth, but anticipates that Russia’s oil exports “will have declined heavily if not disappeared” within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg.

When asked whether Russia and Saudi Arabia had made a backroom deal to increase oil production, MbS was more tight-lipped, saying only that Saudi Arabia was “ready to supply any demand and any disappearing from Iran.” With Russia out of the game, Saudi Arabia would have plenty of oil demand to service, according to MbS.

MbS did not comment on his rationale for Russia’s exit as a major oil producer.

Russia’s oil production in August of 11.21 million barrels per day, near the post-Soviet era high reached the month prior to signing the OPEC+ deal that curbed its production. The 11.21 million barrels places the country in second place of the most prolific oil producers in the world, behind the United States, who overtook both Saudi Arabia and Russia earlier this year, according to EIA data as cited by CNN.

While America managed to rise from its third place seating in 2018, it did so unencumbered by the production-curbing agreement that both Saudi Arabia and Russia agreed to. Gazpromneft earlier today said it was no longer restricting its oil output, although it doubtful that either Russia or Saudi Arabia can reclaim their top spots.

Saudi Arabia has been at the forefront of oil news in recent weeks—almost neck and neck with Iran—as traders try to anticipate just how much spare oil production capacity Saudi Arabia has—if any—and if that spare capacity, whether it’s zero or a million barrels per day, will be sufficient to offset any losses sustained from Iran and Venezuela.

By Julianne Geiger for Oilprice.com

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  • Harris Barlow on October 16 2018 said:
    This heresay out of ksa is turning into some high-flying bullsh**. Kissinger and Al Naimi would be rolling in their graves, were they in them.
  • Mamdouh G Salameh on October 17 2018 said:
    If Saudi Crown Prince Mohammed bin Salman is as knowledgeable on oil as on the history of conflict in Yemen, then we can dismiss his utterances about Russian oil prowess without a second thought.

    Russia is the world’s largest producer and exporter of oil in the world. Its current production of 11.32 million barrels of oil a day (mbd) compares with 11 mbd for the US and 10.4 mbd for Saudi Arabia. Russian exports amount to 8.1 mbd (made up of 5.06 mbd of crude and 3.4 mbd of products) compared to 6.48 for Saudi Arabia and 2 mbd for the US.

    Moreover, Russia is reported to have more than $8 trillion worth of untapped oil and gas in its sector of the Arctic. This could add more than 1.5 mbd to Russia’s current oil production of 11.32 mbd, offset some of the depletion in its aging Siberian oilfields and consolidate its position as the top oil producer in the world well into the future.

    By questioning the oil prowess of Russia, Price Mohammed bin Salman is trying to shift the world’s attention from Saudi Arabia’s hidden oil secrets. Saudi Arabia’s proven oil reserves are nowhere near the 266 billion barresl (bb) the Saudis claim. My research indicates they are estimated between 70-80 bb. Moreover, the claim that Saudi Arabia has a production capacity of 12.5 mbd and a spare production capacity of some 2 mbd are both false.

    A major reason why King Salman of Saudi Arabia withdrew the IPO of Saudi Aramco from the market is because of question marks about Saudi proven reserves. The other reason is the risk of American litigation.

    So people who live in glass houses like the Saudis shouldn’t throw stones.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • john lennon bilson on October 17 2018 said:
    hi
    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
    what kind of prof are you?

    I agree with you Only Russia has the largest oil/gas reserves.
    saudi probably has equal reserve. else how else they are running the economy?

    the reason saudi pulled out of the aramco ipo is they realised America's Shale oil is a hoax. USA is importing 1000% of it oil. USA does not have more than 60,000 barrels per day of oil and all of it comes fro gulf coast. what comes from alaska is mostly or all of it is gas.
    Saudi knows this and so they are confident oilprices will rise and probably touch 150 to 200 or even more , if greed does not end . i.e. if china etc does not control their greed. otherwise oil prices per dollar will cross then 200 or 300 is possible. in fact dollar is a worthless currency. so keep that in mind.


    you are typical professor with book knowledge.

    maybe Russia's kgb knows if saudi oil reserves are true.



    i think saudi oil reserve must be massive similar to russia.

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