Russia Overtakes Saudi Arabia Because the World’s Largest Producer Of Crude Oil

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when each nations began proscribing supplies forward of agreed cuts with other international producers to curb the worst glut in a long time.

Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, whereas Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, in line with information printed Monday on the website of the Joint Organisations Data Initiative in Riyadh.

That was the first time Russia beat Saudi Arabia since March.

Saudi Arabia and fellow producers from the Group of Petroleum Exporting International locations decided at the top of November to limit supplies by 1.2 million barrels a day for six months starting 1 January, with Saudi Arabia instrumental in the plan.

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Non-member producers, including Russia, pledged Refinery additional curbs. Brent crude prices have climbed about 20 pe rcent since the tip of November.

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