Russia outpaces Saudi in January oil production

Russia produced 10.46mn bpd; while Saudi output hit 10.09mn bpd

The OPEC countries reported a total of 32.33mn bpd in January.
The OPEC countries reported a total of 32.33mn bpd in January.

Russia produced 10.46mn barrels per day (bpd) of oil in January 2016, outstripping Saudi Arabia, according to the data published by the state statistics service Rosstat.

Saudi Arabia reported oil production at 10.09mn bpd for January, while the OPEC countries reported a total of 32.33mn barrels of oil produced per day.

Iraq’s oil production stood at 4.38mn barrels per day. In December 2015, oil production in Russia equaled 10.32mn barrels per day, which also exceeded that of Saudi Arabia (10.01mn bpd).

According to Rosstat, oil export from Russia dropped by 2.3% in January 2016 year-on-year to 19.2mn tonnes.

The export ratio of oil stood at 25.3% in the total Russian export structure and at 38.7% in the energy commodities export structure in January (versus 28% and 39.1% in January 2015, respectively).

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