(IBTimes) - Saudi Arabia has eclipsed Russia as the world's
biggest oil producer first time in six years after the country in
the Middle East jacked up its crude output to a 31-year high in
As Iran, second-largest oil producer according to the
Organization of Petroleum Exporting Countries (OPEC), reduced
shipments, crude exports by Saudi Arabia ultimately registered a
jump of 3 per cent in March, recording its highest level in five
years, Bloomberg News reported, citing government statistics
posted on the web site of the Joint Organization Data Initiative
In March, Saudi Arabia improved its daily output by 0.7 per
cent to come out with 9.923 million barrels a day, reaching its
second-highest level figure since 1980, according to JODI.
It displaced Russia's recorded March output, for the first
time since February 2006, at 9.920 million barrels a day.
Supervised by the International Energy Forum (
) based in Riyadh, JODI collects data supplied by member
governments. Composed of a number of nations, the IEF was created
to act as a channel where producing and consuming countries can
discuss energy security.
Saudi Arabia shipped 7.704 million barrels a day in March from
7.485 million barrels a day in February, further data from JODI
showed, compared with Iran's exports which plummeted 4 per cent
from 2.338 million barrels a day to 2.242 million barrels a day
in February and March, respectively.
A European ban on Iranian crude oil purchases is scheduled to
take effect on July, prompting consumers and importers from
Europe, Japan and India to find alternative suppliers to
address a steady and stable source.
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