Russia becomes the world’s largest oil producer

According to data from the Joint Organization Data Initiative (JODI), Russia produced 10.49 million barrels of oil per day in 2016, a number that surpassed a global oil giant Saudi Arabia, and put the Russians in the Top of the world’s oil production ranking.

This was the first time, since March 2016, that Russia has surpassed production from Saudi Arabia, which in December pumped 10.46 million bpd. The United States ranked third on the list of major producers, with about 8.8 million units. Iraq ranked fourth with 4.5 million barrels a day, followed by China with 3.98 million barrels a day.

Both Russia and Saudi Arabia, among other Opec member countries have pledged to reduce production to the appreciation of the world’s commodity price. The reduction agreed by the Organization cut 1.2 million barrels from Saudi Arabia and 300,000 barrels a day from Russia.

However, despite the large output in this report, as described in the Panorama Offshore report, Russia’s Energy Minister Alexander Novak said the country should produce oil production faster than the OPEC estimate. In a statement, Novak said that it is possible for companies to accelerate the cuts to overtake plans.


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