Why Russia Loves $100 A Barrel Oil

Russia is pumping a record amount of oil from its Western Siberian oil fields, according to Business Wire, and with oil prices at record highs, that means the re-emerging superpower is raking in money.

Western Siberian oil fields were pumping 40,500 barrels per day by the end of 2007, a new record, and the nation's total oil production for the year was up 33%. Russia stands next to Saudi Arabia as the world's second-biggest oil producer.

And with the price of oil nearing $100 a barrel, that means Russia is growing very rich. For every $1 a barrel increase, Russia's federal budget grows by $3.4 billion.

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