Russia has reportedly replaced the Saudi Arabia’s position as World’s largest crude oil producer in December, when both the countries started limiting the supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.
According to data published on the website of Joint Organisation Data initiative in Riyadh, Russia pumped out about 10.49 million barrels a day in December, while Saudi Arabia’s output declined to 10.46 million barrels a day.
Saudi Arabia and other producers from the organisation of Petroleum exporting countries decided to limit the supplies by 1.2 million barrels a day for another 6 months starting from 1st January. Non-member producers, including Russia, pledged additional curbs. Brent crude prices have climbed about 20 percent since the end of November.
The U.S. was reported to be the third-largest producer, at 8.8 million barrels a day in December compared with 8.9 million barrels a day in November.
Iraq stands fourth at 4.5 million barrels a day, followed by China at 3.98 million barrels a day, the data show.