No, buffaloes give little milk when compared to cattle. Most landrace breeds will give 8-12 liters of milk. Good breeds most notably Murrah, Nili Ravi, Jafarabadi, Kundi may give upto 4 gallons of milk. I guess that the record is 28 liters in India and 32 liters in Pakistan.
To put it bluntly buffaloes are not milk giving machines like cows. Infact if they don't want, they will outright refuse to get milked, they will refuse to let the calf nurse. Their other side is that you can take all your time to milk, even if it takes you half an hour she will not budge.
Once I was milking one of my buffaloes and a little boy was playing nearby and he was attempting to climb a chair and he just fell off with the chair. I left the bucket under the buffalo and calmed him down and after fifteen minutes or so I remembered that I still have to complete the milking so I went back and found that she was still standing, waiting for me with the bucket placed under her.
I think there are three reasons behind low milk production in Buffaloes when compared to cattle.
First of all first buffaloes were domesticated some three thousand years after the first cattle, so they have not been selected long enough. Goats were the first dairy animal to be domesticated and they give more milk by body weight than most cow breeds.
Secondly buffalo milk richer than cow's milk. It contains more fat, more calcium and more protein. So instead of giving more milk, they produce more creamy milk (that's my theory).
Third reason I think is that they were never selected for intensive production. They are kept as a backyard livestock. They were not selected for dairy industry. They cannot be used in dairy industry, you cannot steal a buffalo's calf and expect her to line up to get milked, not going to happen.
