Saudi Arabia boosted crude production close to a 31-year high in March, overtaking Russia as the world’s largest producer for the first time in six years, according to the Joint Organization Data Initiative.
Saudi Arabia increased daily output to 9.923 million barrels in March, up 0.7 percent and the second-highest level since at least 1980, according to data posted today on the website of the initiative, known as JODI. That topped Russian production, which hit 9.920 million barrels, for the first time since February 2006, according to the data.
Russia’s energy ministry estimated output at 10.36 million barrels a day in March. JODI said it calculated Russia’s barrels-per-day figures from data in metric tons the country submitted to the Asia-Pacific Economic Cooperation forum, and compared that with information from four other sources. The figures include crude and condensate, according to JODI, which is supervised by the Riyadh-based International Energy Forum.
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