November 13, 2011
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10.11.2011

Saudi Arabia will overtake Russia as world largest crude oil producer by 2015


Nov 9 (Reuters) - Saudi Arabia will overtake Russia as the world's largest crude oil producer in about 2015 as output at new Russian fields fails to offset fast decline at mature deposits, the International Energy Agency (IEA) said on Wednesday.

In its World Energy Outlook the IEA also said Russia would eventually start to supply natural gas to China, becoming a major source of the fuel despite gas export monopoly Gazprom's failure so far to secure a supply deal after five years of talks.

Russia overtook Saudi Arabia as the top producer of oil when the Organization of the Petroleum Exporting Countries cut crude output during the economic crisis in 2009.

But while Russia's output will plateau at 10.5 million barrels per day, Saudi Arabia's will rise to match Russia's in roughly 2015, and hit 14 million bpd by 2035.

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