You can’t just look at the amount of oil revenue, you have to consider the cost of extraction. The Saudis can pump oil at a cost of $10 a barrel. At $75, they’re still making $65 on each barrel.
Things are far different in Russia, where they have to drill deep wells in horrifying climates. The corruption and payoffs required add to the costs.
Maybe some, but not all of what they produce today. They have been spending dollars for years now going after more costly oil, Enhanced secondary and tertiary recovery of fields with deeply dropped production rates. They are not meeting their current production averaging $10 in cost.
Offshore in shallow waters, they built 27 man-made drilling islands, 13 platforms, and 15 onshore drillsites. The project includes 41 km of causeways and 3 km of bridges designed to maintain natural water flow in Manifa Bay. They have worked for over half a century trying to figure out a way to economically produce this lower value, high sulfur heavy oil with high metal content.
For the curious, I included a bunch of links for info on this project.
https://www.saudiaramcoworld.com/issue/196006/manifa-oil.field.under.the.sea.htm
http://www.theoildrum.com/node/9056
http://www.oilandgasnewsonline.com/Article/33782/No_plans_to_raise_output_capacity
file:///C:/Users/Todd%20Hackney/Downloads/Jan-De-Nul_Manifa-Field-Causeway.pdf