The Russian Federal Bureau of Statistics released data on the 23rd, showing that Saudi Arabia’s average daily oil production exceeded Russia in February and became the world’s largest oil producer in the month.
According to statistics, Saudi Arabia's oil production averaged 9.98 million barrels in February and 9.533 million barrels in Russia. In January of this year, Saudi Arabia produced 9.976 million barrels of oil per day, and Russia had 105.28 million barrels.
Before surpassing Saudi Arabia, Russia has been steadily sitting in the top oil-producing country for 11 months. According to data from the Federal Bureau of Statistics, Russia’s oil exports in the first two months of this year accounted for 29.9% of total exports, which was a slight increase from the same period last year.
Saudi Arabia is the largest oil producer of the Organization of Petroleum Exporting Countries (OPEC). Saudi Crown Prince Mohammed Ben Salleman said at the end of last month that OPEC and non-OPEC oil producer Russia are considering signing a long-term crude oil production cut-off agreement with a term of 10 to 20 years to regulate global crude oil supply and stabilize crude oil prices.
In the international crude oil market, the U.S. shale oil revolution is in the ascendant, with strong recovery in output and continued growth in exports. The United States has become a competitor to traditional oil-producing countries such as Saudi Arabia and Russia.