Oil production in Saudi Arabia, the world's largest crude exporter, rose to 10.103 million barrels a day in June, from 9.807 million barrels a day in May, overtaking Russia as the world's largest producer, official data showed.
Oil production in
Saudi
Arabia
, the world's largest crude
exporter, rose to 10.103 million barrels a day in June, from 9.807 million
barrels a day in May, overtaking
Russia
as
the world's largest producer, official data showed.
Russia
's
output in June rose to 9.931 million barrels a day, from 9.896 million barrels
a day in May, according to figures posted on the Joint Organization Data
Initiative, or JODI, website. JODI is supervised by the Riyadh-based
International Energy Forum and shows data supplied directly by governments
dating back to 2002.
In March,
Saudi Arabia
topped
Russia
's
output for the first time in six years.
Saudi Arabia
burnt
778,000 barrels a day in power stations and water-desalination plants in June,
up 26% from the 616,000 barrels a day used during the same period in 2011, and
39% higher than May, signaling a rise in demand for energy, which is needed to
fuel electricity stations and industrial complexes in the rapidly growing
economy.
The Arab world's largest economy exported 7.843 million barrels a day in June,
up from 7.668 million barrels in the month earlier, JODI said. No comparative
figures were given on
Russia
's
exports or domestic consumption for the same period.
The kingdom lowered its crude supply by 569,000 barrels per day to 9.741 million
barrels per day in July from a month earlier, while its output stood at 9.801
million barrels a day versus 10.10 million barrels per day in June.
High Saudi output helps keep oil prices down, which is good news for fragile
economies in the
U.S.
and
Europe
,
which rely on the kingdom to help maintain supply as they implement sanctions
intended to press
Iran
over
its nuclear program.
Saudi Arabia
is on
track to surpass its record oil output this year, analysts said last month,
offsetting a decline from
Iran
because of international sanctions, despite pressure from other oil exporters
to cut back and help bolster world oil prices.
The kingdom shows no sign of letting up from its average production levels of
9.94 million barrels a day in the first half of 2012. Output averaged 9.9
million to 10 million barrels a day in July, industry analysts and shippers
said, as the country increased exports and burned more crude to meet an
increase in domestic electricity demand, which surges in the summer months.
That puts the top oil exporter in line to exceed its record oil output of 9.901
million barrels a day in 1980, when the country opened the taps to make up for
a sharp fall in Iranian output after its 1979 revolution.
OPEC in June agreed to maintain its existing oil-production ceiling and pledged
to rein in overproduction after some members complained that a glut of oil due
to higher output from
Saudi Arabia
and
other Gulf countries could lead to a price crash.
Since OPEC's last meeting,
Iran
and
Algeria
have
called for an emergency gathering, while the group's president, Iraqi Oil
Minister Abdul Kareem Luaiby, has already sent a letter to member states
reminding them to comply with the ceiling.
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