Russia overtook Saudi Arabia as world’s largest crude producer in July, according to the Joint Organization Data Initiative.
Saudi Arabia’s production fell to 9.8 million barrels a day that month from 10.1 million barrels in June when output was at the highest in more than three decades, according to government statistics posted on JODI’s website today. Exports dropped 7 percent on the month.
Russia pumped 9.92 million barrels a day of crude in July, up by 20,000 barrels from June, according to JODI, whose calculations are based on figures in metric tons submitted by the nation’s government to the Asia-Pacific Economic Cooperation forum. JODI’s data exclude natural-gas liquids.
Russia pegged its crude and condensate production for July at 10.32 million barrels a day, according to its Energy Ministry.
JODI is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments. The IEF, a group of nations accounting for more than 90 percent of global oil and natural-gas supply and demand, was established as a forum for producing and consuming countries to discuss energy security. The U.S., China and the European Union are among the IEF’s members, according to its website.