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World oil prices

Russia outpaces Saudi Arabia by average daily oil production in June 2019 — statistics

The share of oil amounted to 28.5% in the total volume of Russian exports in January-June 2019

© Egor Aleev/TASS

MOSCOW, August 26. /TASS/. Russia was producing 10.48 mln barrels of oil per day in June 2019 and was ahead of Saudi Arabia by 6.77%, the state statistics service Rosstat reported on Monday.

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Iran expects its oil exports won’t be less than 1 million barrels per day

Saudi Arabia was producing 9.81 mln barrels of oil per day in June 2019. According to statistics, total daily production of OPEC nations was 29.83 mln barrels this June, including 4.72 mln barrels per day produced in Iraq (ranked second by oil production among OPEC members).

The average actual export price of oil dropped by 4.9% month-on-month to $481.8 per tonne in June 2019. The price of Urals crude oil on the global market dropped 12.7% month-on-month to $452.1 per tonne in the reporting period, Rosstat said.

The share of oil amounted to 28.5% in the total volume of Russian exports in January-June 2019 and to 44% in the export of fuel and energy commodities (versus 28.3% and 44.3% respectively in January-June 2018), Rosstat reported.

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