Russia Falls To 3rd Place In Oil Production For 1st Time Since 2018- Joint Data Initiative

Russia ceded second place in oil production to Saudi Arabia in April, becoming third for the first time since November 2018, while the United States remained the leader, according to new data from the Joint Organisations Data Initiative (JODI) published on Thursday

MOSCOW (UrduPoint News / Sputnik - 18th June, 2020) Russia ceded second place in oil production to Saudi Arabia in April, becoming third for the first time since November 2018, while the United States remained the leader, according to new data from the Joint Organisations Data Initiative (JODI) published on Thursday.

In 2001, the Asia-Pacific Economic Cooperation, the Statistical Office of the European Communities, International Energy Agency, the Latin American Energy Organization, the Organization of the Petroleum Exporting Countries and the United Nations Statistics Division launched Joint Oil Data Exercise, later renamed to JODI, to perfect the availability and reliability of energy data.

In April, Russia's oil production increased by 68,000 barrels per day (bpd) or 0.6 percent, to 10.6 million bpd. The US cut production by 4.5 percent to 12.1 million bpd, and the Saudis increased its production by 23.4 percent to 12 million bpd.

Saudi Arabia has not been the second oil producer since November 2018, with 11 million bpd compared to Russia's 10.7 million.

Oil exports from Saudi Arabia in April jumped by 38.5 percent to 10.2 million bpd, while the US increased its exports by 11.5 percent to 3.3 million bpd. There are no JODI Russian export statistics for April.