Saudi Arabia produces more oil than Russia in 2025 - OPEC data

MOSCOW. Jan 14 (Interfax) - Russia produced 9.129 million barrels of oil per day in 2025, down 0.7% from 9.197 million bpd in 2024, according to OPEC data based on secondary sources.

On this basis, Russia's oil production is estimated at 455 million tonnes in 2025. At the end of December, Russian Deputy Prime Minister Alexander Novak said Russia would produce 516 million tonnes in 2025, as in 2024, but that includes condensate production, which, therefore, totaled approximately 61 million tonnes.

Saudi Arabia produced 8.978 million bpd of oil in 2024, raising this 5.5% in 2025 to 9.472 million bpd.

Both countries are participating in voluntary production cuts, but Saudi Arabia's quota was smaller last year, as it had gladdened the market by reducing its production by 1 million bpd in 2023, so its quota was bound to exceed that of Russia at some point.

Russia, which has been subject to EU sanctions on oil and petroleum product imports, has declared oil production cuts of 500,000 bpd since the beginning of 2023. Several OPEC+ countries followed suit in May 2023, including Saudi Arabia (500,000 bpd), Iraq (211,000 bpd), Kuwait (128,000 bpd), Kazakhstan (78,000 bpd), Oman (40,000 bpd), the UAE (144,000 bpd), Algeria (48,000 bpd) and Gabon (8,000 bpd) - a total of 1.7 million bpd. In June, it was decided that these overall restrictions would be extended for the entire 2024.

At the time, Saudi Arabia, to quote its Energy Minister Prince Abdulaziz bin Salman, gave the market a "Saudi lollipop" by slashing its output by a further 1 million bpd starting in July 2023. Russia subsequently announced additional cut-backs of its own, but this time on exports. At a ministerial meeting in late November 2023, Saudi Arabia said it was extending its voluntary 1 million bpd cap through the first quarter of 2024. This "lollipop" was then accompanied by cuts from a number of other producers - 2.2 million bpd in all, including Russia.

The cap was extended through the second quarter of 2024, and then to April 2025. A plan was aired to roll back these restrictions back by September 2026, but then it changed: the 2.2 million bpd was taken off the market by October 2025, and the "volunteers" began lifting the 1.7 million bpd cap, which was supposed to be in effect for the whole of 2025: the quotas were increased by 411,000 bpd over three months starting in October, and the increase was frozen for the first quarter of 2026.

Among OPEC+ countries in 2025, South Sudan increased its production the most, by 60% from 71,000 to 113,000 bpd.

Kazakhstan led the "volunteers," having put new capacity on stream at the beginning of the year, exceeded the agreed level every month., Kazakhstan produced 1.78 million bpd of oil in 2025, up 15.4% from 1.54 million bpd in 2024. The country pledged throughout the past year to compensate for any over-production with future additional cuts, but still significantly exceeded the agreed volumes. It pledged to reduce production further in January -June 2026, by approximately 0.5-0.6 million bpd each month relative to the set quota.

OPEC+ countries participating in the deal increased overall production by 2.2% in 2025, to 36.44 million bpd. Taking into account liquid hydrocarbon production and OPEC+ countries not participating in the deal, OPEC+'s share of global demand in 2025 was 48.1%, up from 47.6% the previous year.

Output by country in 2024 and 2025, '000 bpd:

2024 2025 YoY Algeria 905 934 3,2% Congo 253 259 2,4% Equatorial Guinea 57 54 -5,3% Gabon 222 227 2,3% Iraq 4163 4011 -3,7% Kuwait 2429 2475 1,9% Nigeria 1426 1516 6,3% Saudi Arabia 8978 9472 5,5% UAE 2950 3143 6,5% OPEC 21383 22091 3,3% Azerbaijan 481 460 -4,4% Bahrain 176 184 4,5% Brunei 79 86 8,9% Kazakhstan 1539 1776 15,4% Malaysia 347 343 -1,2% Mexico 1578 1457 -7,7% Oman 766 777 1,4% Russia 9197 9129 -0,7% Sudan 29 24 -17,2% South Sudan 71 113 59,2% non-OPEC 14263 14349 0,6% OPEC+ 35646 36440 2,2% Iran 3257 3261 0,1% Libya 1092 1296 18,7% Venezuela 867 935 7,8% OPEC+ (all) 40862 41932 28,9% Liquids 8540 8630 1,1% Production including liquids 49402 50562 30% Global demand 103840 105140 101% Share of demand 47,6% 48,1%