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According to the Joint Organizations Data Initiative (JODI). the crude oil production data for June indicated that Russia still keeps the title of the world’s largest oil producer. In fact. Russia has produced 10.36 million barrels per day (bpd) during June.
The market data from JODI shows that Russia remains the world’s largest oil producer. While Saudi Arabia has produced just slightly above 10 million bpd in June. Russia has outpaced the Gulf nation by almost 36 thousand bpd.
The overall volume of oil in Russia has escalated by 0.47 percent in comparison to that of May. In the same time. the volume figures by Saudi Arabia increased by 1.92 percent. Nevertheless. Saudi exports have declined to the lowest level since 2014. The oil exports from Saudi Arabia stood at 6.9 million bpd.
JODI further explained that the boost in Saudi production is connected with the Muslim month of Ramadan. During this holy month. the use of electricity is on the rise. Saudi crude stockpiles have emerged at 256.6 million barrels. which marks the lowest level since January 2012.
