Russia Is Now The World’s Top Crude Oil Producer – Not Saudi Arabia
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Russia has once again taken the crown from Saudi Arabia as the world’s biggest oil producer.
Russia produced 10.49 million barrels per day (bpd) in December, down
29,000 barrels a day from November. Saudi Arabia’s output dropped to
10.46 million bpd from 10.72 million bpd, according to Monday’s data
from the Joint Organizations Data Initiative in Riyadh.
This was the first time Russia became top producer since March 2016. Riyadh’s crude exports fell to eight million bpd from 8.26 million bpd in November, the biggest monthly slide since May 2003.
The United States is in third place, producing 8.8 million bpd in
December. At the same time, America is neck-and-neck with China as the
world’s largest crude importer, buying 7.88 million bpd of crude last
year.This was the first time Russia became top producer since March 2016. Riyadh’s crude exports fell to eight million bpd from 8.26 million bpd in November, the biggest monthly slide since May 2003.
The Organization of the Petroleum Exporting Countries (OPEC) and oil producers outside the cartel led by Russia have agreed to prop up prices by cutting production by almost 1.8 million barrels per day during the first half of the year to curb a global oversupply.
On Monday, Brent crude was trading at $56.18 per barrel, while the US benchmark West Texas Intermediate rose to $53.69.
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