Russia ousted Saudi Arabia with a global leader in oil production

In December, Russia surpassed Saudi Arabia in terms of oil production, according to the Joint initiative on oil statistics (Joint Organisation Data Initiative, JODI), who is quoted by Bloomberg. Russia produced in December of 10.49 million barrels. of oil by reducing production in comparison with November 29 thousand barrels. In turn, the production of Saudi Arabia in December was of 10.46 million barrels. (a month earlier the figure was of 10.72 million barrels).

The oil exporting middle Eastern countries in December declined from 8.26 million barrels. dpi 8 million barrels., that was the biggest decline for Saudi Arabia on this indicator since may 2003.

According to Bloomberg, Russia has overtaken Saudi Arabia in oil production for the first time since March 2016. The third largest oil producer in the world took the US (8.8 million barrels. of crude oil in December).

Both Russia and Saudi Arabia reduce oil production in the framework of the reached the end of 2016, agreements aimed at the stabilization of the oil market. November 30 country-members of OPEC agreed to cut oil production by 1.2 million barrels. per day from January 2017. Countries that are not members of the cartel (including Russia) has pledged to reduce oil production on the total volume of 558 thousand barrels. per day from January 2017. In January, Minister of energy of Russia Alexander Novak said that Russia is the reduction of oil production ahead of schedule.