Russia Back As Second-Largest Oil Producer In May - JODI

Sumaira FH Published July 17, 2020 | 12:19 AM

Russia won back its second place in oil production in May, with the United States retaining its leadership and Saudi Arabia coming in third, the Joint Organisations Data Initiative (JODI) said in a monthly update on Thursday

MOSCOW (UrduPoint News / Sputnik - 16th July, 2020) Russia won back its second place in oil production in May, with the United States retaining its leadership and Saudi Arabia coming in third, the Joint Organisations Data Initiative (JODI) said in a monthly update on Thursday.

In April, Russia ceded its second place to Saudi Arabia, becoming third for the first time since November 2018.

In May, it restored the position, even though its oil production fell by 1.797 million barrels per day (bpd), or 16.8 percent compared to the previous month, and reached 8.928 million bpd.

The US slashed output by 5.5 percent to 11.394 million bpd, remaining the largest oil producer.

Saudi Arabia fell to the third place with 8.486 million bpd, which is a 29.3 percent decrease, compared to April.

Oil exports from Saudi Arabia in May went down by 41.2 percent in monthly terms to 6.02 million bpd. The US' foreign sales, in contrast, increased by 1.1 percent to 3.111 million bpd. JODI did not provide fresh data on Russia. In March and April, this figure stood at 5.197 million bpd and 5.345 million bpd, accordingly.

The US' oil processing increased by 1.3 percent in May to 12.953 million bpd. In Saudi Arabia, refining grew by 4.8 percent to 1.929 million bpd. Processing at Russian oil refineries diminished by 6.8 percent to 5.095 million bpd.