Russia remains world’s second-largest oil producer for 10 months in a row – report

New research by the Joint Petroleum Statistics Initiative (JODI) showed that, in February, Russia remained in second place in terms of global oil production, with a national daily output of 9.398 million barrels per day (bpd).

Data shows that the United States was the top oil-producing country in the world and Saudi Arabia was in third place. Russia held the status of the world’s second-largest oil producer for the 10th month in a row, dropping to the third spot for only one month, in April 2020. Prior to that, Russia had been in the second spot for over a year.

According to the JODI, in February, Russia’s oil production decreased by 0.7% compared to January, while the US slashed production by 6.5% on a monthly basis to 10.364 million bpd, and Saudi Arabia by 10.5% to 8.147 million bpd.

Statistics also showed that, in January, Russia exported 3.702 million bpd, which was down from the 4.2 million it exported in December.

Oil refining in Russia in February increased by 5.3% from the previous month, amounting to 5.772 million bpd, said the report. Meanwhile in the US, refining plunged by 13.3% from January to 12.67 million bpd, and in Saudi Arabia the capacity dropped by 2.6% to 2.281 million bpd.

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