Russia is now the largest producer of oil globally for the second consecutive month, toppling Saudi Arabia into second position.
Data from the Russian Federal State Statistics Service revealed that Russia averaged about 10.8 million barrels per day in oil production for the month of January, more than the 10.5bpd it recorded in December 2016.
In the two months used for review, Saudi Arabia averaged 9.95 million barrels per day, making it second largest producer globally behind Russia.
Member nations of the Organization of Petroleum Exporting Countries (OPEC) and 11 non-OPEC members, including Russia, agreed to cut oil production by a cumulative 1.8 million barrels per day in an effort to control the falling prices of oil globally. The agreement, which went into effect on January 1, 2017, will expire in July. Russia’s part of the bargain included a reduction in output by 300,000 barrels per day.
