Daily Management Review

Russia surpasses Saudi Arabia in oil production


Russia in June produced an average of 10.323 million barrels of oil per day, once again outstripping Saudi Arabia in terms of production, says Joint Oil Statistical Initiative (JODI).

Saudi Arabia in June produced an average of 10,070 million bpd. According to JODI, Russia increased production by 0.47% compared to May, Saudi Arabia - by 1.92%. In May, Russia produced 10.275 million bpd, compared with 9.88 million bpd in Saudi Arabia.

The volume of oil exports from Saudi Arabia in June decreased by 0.51% compared to the previous month to 6.889 million bpd. The index has reached its lowest level since September 2014. The June data on the volume of export of Russian oil JODI does not. In May, Russia exported 5.434 million b / s, in April - 4.929 million b / s, it follows from the materials of the organization.

The volume of processing at refineries in Saudi Arabia in June increased by 2.38% compared with May to 2.577 million bpd. The volume of refining in Russia amounted to 5.836 million bpd, an increase of 7.87% compared to the May figure.

Meanwhile, Iraq, the second-largest oil producer in OPEC, in June reduced oil production by 0.31% to 4.550 million bpd, JODI reported. Oil exports fell by 1.23% to 3.771 million bpd.

Nigeria in June increased production by 3.78% to 1.949 million bpd. At the same time, the country reduced oil exports by 7.27% to 1.759 million bpd, JODI data showed.

As previously reported, OPEC must be cutting production by 1.2 million bpd until March 2018in accordance with the terms of the concluded agreement; Russia and other producers that are not members of the cartel are to be cutting production by 600 thousand bpd to support prices for oil.

According to secondary sources, which are contained in the OPEC report, in June, Saudi Arabia produced 10.035 million bpd. In July, the Kingdom increased production by 31.8 thousand bpd compared to the previous month to 10.067 million bpd. Under the terms of the deal, Saudi Arabia should not exceed the production level of 10.058 million bpd.

source: reuters.com

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