| OPEC sets the crude oil productio quota for its | | | | are mostly found in Western Siberia whereas Eastern |
| member nations but the quota system does not apply | | | | Siberia holds approximately 4.7 billion barrels in the oil |
| for Iraq. In January 2010, the OPEC countries produced | | | | reserves. The oil refineries in Russia have ineffective |
| about 26.76 million barrels per day with an increase | | | | facilities and these need to be modernized. |
| from December's overall output which was | | | | Russia's crude oil exports estimate somewhere |
| somewhere around 26.61 million barrels per day. There | | | | around 4.4 million barrels per day and the oil is |
| was an increase in crude oil productio from United | | | | exported through International pipelines and shipping |
| Arab Emirates, Kuwait, Qatar, Libya, Nigeria, Algeria | | | | terminals. The oil exports cover about 70 percent of |
| and Angola. Iraq did not witness any change in the | | | | the crude oil productio. In 1988, Western Siberia, which |
| output and the volume was around 2.49 billion per day. | | | | holds most of the oil reserves of Russia, reached its |
| There was a decline in the crude oil productio in | | | | peak oil production of 12.5 million barrels per day. After |
| Venezuela by 10,000 b/d to 2.21 million barrels per day. | | | | the Soviet Union's collapse in the year 1991, crude oil |
| The world's major oil reserves are found in the OPEC | | | | productio witnessed a decline of 6 million barrels per |
| member countries and the estimate of crude oil is | | | | day. The output started increasing slowly and in 2007, |
| more than 78 percent. Russia is a major oil producing | | | | crude oil productio was roughly around 9.4 million |
| country though it is not one of the members of the | | | | barrels per day. Russia's current crude oil processing |
| Organization of the Petroleum Exporting Countries | | | | capacity relates to 5.4 million barrels per day. Russia |
| (OPEC). During recent times, the oil sector in Russia is | | | | highly depends upon crude oil exports for revenue but |
| suffering due to global economic crisis and the crude | | | | it's facing a major issue as the oil fields are getting |
| oil productio level has declined to some extent. Russia's | | | | depleted. |
| current oil reserves account for 60 billion barrels, which | | | | |