Russia Named as One of the Top Two Countries in Crude Oil Production
Crude oil, also known as "black gold," is an unrefined petroleum product that is found naturally around the world. It is refined to create a wide range of products including gasoline, diesel, and a variety of petrochemicals. It is a limited resource that is usually obtained through drilling. Several countries around the world produce crude oil, including Canada, the United States, China, Russia, Kuwait, Saudi Arabia, the United Arab Emirates, and more. The volume of oil production greatly fluctuates amongst these countries as does the price of oil.
Russia Surpasses Saudi Arabia in Oil Production
In early 2019, the Joint Initiative on Oil Statistics (JODI) released the latest data about crude oil production around the world. The international organization said that Russia had surpassed Saudi Arabia in terms of the volume of crude oil produced and that it ranked second in global crude oil production. On average, Russia's daily oil production reached a level of 10,738,000 barrels. Saudi Arabia produced slightly less with 10,643,000 barrels a day. The United States still remained in the number one spot at 11,658,000 barrels, but this was only a marginal difference of 920,000 barrels more than Russia.
Forecasts of Overall Growth for the Global Oil Industry
Saudi Arabia remains the top oil producer in the world among OPEC countries, despite a prediction that countries outside the organization would produce more. However, OPEC also decreased its previous month's prediction as to the increased in demand for oil. According to industry experts from ITI Capital, the global demand for oil this year will increase to around 1,240,000 barrels per day, which is 50,000 barrels less than what was predicted a month prior. At the same time, the experts further speculated that due to an expected increase in production from the Gulf of Mexico, production outside of OPEC countries will reach around 2,180,000 barrels per day, which is an increase of 80,000 barrels from that which was previously anticipated.