Russia global top oil producer in November

Russia global top oil producer in November
Russia produced an average of 10.12mn barrels of oil daily in November 2017
By bne IntelliNews January 31, 2018

Russia produced an average of 10.12mn barrels of oil daily in November 2017, down from 10.86 a month earlier but Russia is still the world's top oil producer in the reporting month, the January 30 report by the Rosstat statistics agency shows.

Russia was followed by Saudi Arabia with 9.9mn barrels of average daily oil output. The combined output of the Opec states amounted to 32mn barrels in November, out of which Iraq contributed 4.4mn.

Overall the output of oil in Russia in January-November slipped by 0.1% to 500mn tonnes, out of which 235mn tonnes were exported.

The average effective export oil price stood at $409.1 per tonne in November, up by 6.9% month-on-month. The price for the Russian export blend Urals oil went up by 10% m/m to $452.4 per tonne.

In January oil prices topped $70 a barrel for the first time in three years, pushed up by the Opec+ production cut deal that reduces global output by 1.8bn barrels per day and in which Russia and Saudi Arabia were key participants. 

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