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Saudi Arabia tops Russia in oil production

Saudi Arabia tops Russia in oil productionSaudi Arabia overran Russia in oil production in August, with an average of 10.362 million barrels a day, according to Russia’s Prime business news agency citing data from the Federal State Statistics Service.

"Russia extracted was producing 10.332 million bpd in August. In July, the Russian Federation was also a runner-up, getting 10.317 million bpd compared to Saudi Arabia’s 10.332 million bpd," reads the report.

It is noted that OPEC member states has extracted 31.544 million bpd in August, of which Iraq’s share is 4.062 million bpd. In July, the cartel was producing 31.531 million bpd, of which Iraq extracted 4.148 million bpd.

"Oil exports from Russia in January-August 2015 increased by 7.2% yoy – up to 160 million tons. The share of oil exports in total Russian exports in January-August amounted to 26.9% in export of energy products – 41.4% (32% and 44.8% respectively in January-August 2014)," says the report.

In August 2015 the average actual export price of crude oil amounted to $349.9 per tonne (a 13.5% decrease compared to July). The price of Urals crude oil in the world market amounted to $333.1 per tonne (a 17.8% decrease compared to July).

Source: UNIAN
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