ECONOMY


Russia surpasses Saudi Arabia on average daily oil production

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Baku, December 23, AZERTAC

In October 2016, Russia produced 10.75 mln barrels of oil per day surpassing Saudi Arabia by 2.11%, according to Russian State Statistics Service (Rosstat), TASS reported.

Thus, oil production of Saudi Arabia in October amounted to almost 10.53 mln barrels per day. Overall, OPEC daily output amounted to more than 33.64 mln barrels, including production in Iraq at the level of 4.56 mln barrels.

According to Rosstat, export of oil from Russia in January - October 2016 increased by 5.7% compared to the same period of 2015, to 202.6 mln tons. The share of oil exports in total Russian exports in the first 10 months amounted to 26.3%, export of fuel and energy products - 44.9% (in January - October 2015 26.6% and 41.5%, respectively).

Average actual export oil price in October was $326.6 per ton (4.6% higher than in September 2016). The price of Urals oil in the global market amounted to $350.4 per ton (8.6% higher than in September 2016).

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