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FINANCIAL NEWS
Saudi Arabia overtakes Russia as top crude oil producer
21 May 2012
(MENAFN) A report issued by the Joint Organization Data Initiative (JODI) showed that Saudi Arabia’s oil output stood close to a 31-year high in March, exceeding overtaking Russia as the world’s top oil producer, Bloomberg reported.
According to the report, based on Saudi government’s data, the kingdom’s crude exports increased 3 percent in March, reaching the highest level in five years.
OPEC’s largest producer also increased output by 0.7 percent to 9.923 million barrels per day (bpd) in March, exceeding Russia’s output which pumped 9.920 million bpd, for the first time since February 2006, according to the data.
Saudi Arabia increased crude shipments to 7.704 million bpd in March from 7.485 million bpd in the previous month, JODI data showed.
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