Russia, despite a decline in oil production in April, increased volumes in May and remains one of the world’s leading producers. Russian oil production in May rose to 10.55 million bpd, the country will retain its third place in the list of production leaders, the International Energy Agency (IEA) wrote in its report.

“Russia’s outlook remains uncertain and may continue to surprise. For example, after falling by 930,000 bpd in April, total oil production in May actually rose by 130,000 bpd to 10.55 million bpd as crude exports to global markets were redistributed from traditional buyers adhering to new sanctions or voluntarily giving up Russian barrels in solidarity with Ukraine,” the IEA writes.

“Even with much of Russia’s oil production affected by sanctions and embargoes, the country will easily maintain its position as the world’s third-largest oil producer after the US and Saudi Arabia. Meanwhile, these countries are expected to post record high production both this year and next year, widening the gap between them and Russia. Canada and Brazil are also poised to reach their highest levels ever for two consecutive years,” the agency adds.