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Russia topples Saudi Arabia to become top crude oil producer

Russia became the world’s largest oil producer in the world in December, after surpassing the oil rich Saudi Arabia. As per figures published in the Joint Organization Data Initiative, Russia produced an average of 10.49 million barrels of oil a day in December. In comparison, Saudi Arabia’s oil production was a bit lower at 10.46 million barrels a day in December. Even though the difference is marginal, yet it clearly shows that Russia became the world’s top crude oil producer in December.

Crude oil production has come down in recent times, as the Organization of Petroleum Exporting Countries (OPEC) has decided to cut down production in view of the falling crude oil prices. The crude oil prices have been falling since 2014. OPEC felt that there was oversupply in the market, which prompted it to reduce production by 1.2 million barrels a day. In November 2016, Russia’s oil production was down by 29,000 barrels a day, whereas Saudi Arabia’s was down by 260,000 barrels a day.

The third in the list of top oil producers is the United States with 8.8 million barrels a day. At fourth place is Iraq with 4.5 million barrels a day. The fifth spot is held by China at 3.98 million barrels a day.

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