Saudi Arabia Now World’s Biggest Oil Producer in Six Years
By Esther Tanquintic-Misa | May 22, 2012 9:16 AM EST
Saudi Arabia has eclipsed Russia as the world's biggest oil producer first time in six years after the country in the Middle East jacked up its crude output to a 31-year high in March.
As Iran, second-largest oil producer according to the Organization of Petroleum Exporting Countries (OPEC), reduced shipments, crude exports by Saudi Arabia ultimately registered a jump of 3 per cent in March, recording its highest level in five years, Bloomberg News reported, citing government statistics posted on the web site of the Joint Organization Data Initiative (JODI).
In March, Saudi Arabia improved its daily output by 0.7 per cent to come out with 9.923 million barrels a day, reaching its second-highest level figure since 1980, according to JODI.
It displaced Russia's recorded March output, for the first time since February 2006, at 9.920 million barrels a day.
Supervised by the International Energy Forum (IEF) based in Riyadh, JODI collects data supplied by member governments. Composed of a number of nations, the IEF was created to act as a channel where producing and consuming countries can discuss energy security.
Saudi Arabia shipped 7.704 million barrels a day in March from 7.485 million barrels a day in February, further data from JODI showed, compared with Iran's exports which plummeted 4 per cent from 2.338 million barrels a day to 2.242 million barrels a day in February and March, respectively.
A European ban on Iranian crude oil purchases is scheduled to take effect on July, prompting consumers and importers from Europe, Japan and India to find alternative suppliers to address a steady and stable source.
To contact the editor, e-mail:
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
Join the Conversation
- Canada’s Anti-Prostitution Law Soon: Critics Call it Draconian
- ACT Party's Demand to Re Consider Maoris Privileges Evokes Reprimand
- Opinion Poll in New Zealand Shows National Party Far Ahead in Popular Support
- “Women should not laugh in public” - Turkish Deputy PM says
- Iran Leader Asks Muslims to Supply Arms to Palestine, Calls Israel ‘Rapacious Wolf’
- Andy Roddick and Mardy Fish Can't Play in the U.S. Open Due to Drug Testing Issues
- Billy Bob Thornton Want to Play Hodor in Game Of Thrones
- Fukushima Radiation Tests on Waters Along U.S. Coast Yield Negative Results
- Zac Efron Equates Boozing to a Social Stimulant, Admits Why He Checked into Rehab Last Year
- Celebrities Who Stripped Naked for Women's Health