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13-01-22
Saudi Arabia tops Russia as biggest OPEC+ crude producer
(MENAFN) Based on Energy Intelligence Group statement on Tuesday, Saudi Arabia outdid Russia as the OPEC+ group's biggest crude oil producer last month, surpassing the non-OPEC leader that has scrambled to increase levels of production as the bloc enhances supplies in month-to-month increments.
Since April 2020, Russia and Saudi Arabia have had equal production caps under an arrangement between OPEC+ associates, but Russia has continually out produced the Saudis, often exceeding the contract's fixed shares.
Saudi Arabia produced 10.01 million barrels per day (bpd) the previous month, increasing by 104,000 bpd from the month that precedes it, while Russia only raised production by 7,000 bpd to just under 9.95 million bpd.
Based on data published by the bloc following their last meeting earlier in January, the 19 members subject to fixed shares produced 37.59 million bpd last month, dropping from the goal 38.34 million bpd by about 750,000 bpd.
MENAFN13012022000045013568ID1103531816
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