ExxonMobil Drops to 2nd Place -- World Production -- Russian Company Takes 1st Place

Link here.

Russia’s state-run Rosneft oil company has become the world’s largest producer after surpassing American ExxonMobil. The difference in their volumes of production is about one mln tons, a small amount compared to their total production. Not only is the Russian company planning to preserve its position, it also intends to improve its key indicators.

Rosneft boasts oil production facilities in northern Russia, Siberia and the Far East, as well as seven oil refineries. Since 2004, it has been working at the world’s largest oil deposits. In the past nine months, it has produced almost 90 mln tons of oil, leaving the American company behind. At the same time, Rosneft has a huge potential, says Natalya Shulyar, an expert in the fuel and energy sector.

I've said many, many times the state-oil companies would eventually overtake the American exploration and production companies. I assume this will call for a toast in Hawaii this next week.