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Russia outpaced Saudi Arabia by average daily oil production in January 2017

March 21, 17:08 UTC+3 MOSCOW

Russia produced 10.764 mln barrels of oil daily in January 2017

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MOSCOW, March 21. /TASS/. Russia was producing 10.764 mln barrels of oil daily in January 2017 and outpaced Saudi Arabia by 8.22%, the state statistics service Rosstat reported on Tuesday.

Saudi Arabia was producing 9.946 mln barrels of oil per day in January. Total daily production of OPEC nations was nearly 32.14 mln barrels in January, including 4.48 mln barrels per day produced in Iraq.

Russia boosted its oil exports by 4.6% year-on-year in January 2017 to 20.1 mln tonnes, Rosstat said. The share of oil export amounted to 29.2% in the total volume of Russian exports in January of this year and to 43.5% in the export of fuel and energy commodities (versus 25.1% and 38% in January 2016 respectively).

The average actual export price of oil rose by 9.1% month-on-month to $369.8 per tonne in January 2017. The price for Urals crude oil surged on the global market by 2.1% month-on-month to $388.1 per tonne in the reporting period.

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