Saudi stays at No 1 in world oil producer list

OIL CHIEFS: Saudi Arabia has been ranked number one in the world for both oil reserves and production. (Getty Images)

Saudi Arabia has easily held on to its title of the world's biggest oil producer in an annual ranking published by BP.

The world’s top oil producer last year pumped 10.846 million barrels per day (bpd), ahead of Russia with its output of 9.886 million bpd.

Saudi Arabia held on to its well established position as the holder of the world’s biggest oil reserves.

BP in its annual Statistical Review of World Energy estimated the kingdom’s proved reserves at 264.1 billion barrels at the end of last year, nearly unchanged from 264.2 billion barrels a year earlier.

The UAE slipped by one place in the ranking after being overtaken by Venezuela, UAE daily The National reported on Thursday.

According to BP, the UAE’s proved oil reserves stood at 97.8 billion barrels at the end of 2008, unchanged from a year earlier, accounting for 7.8 percent of global reserves.

Venezuela’s reserves were unchanged from revised 2007 figures. Those levels were adjusted from 87 billion barrels to 99.4 billion, or 7.9 per cent of the world total.

BP said the UAE pumped 2.98 million bpd of oil last year, a 2 per cent increase from 2007. Venezuela’s oil output fell by 1.9 per cent last year to 2.56 million bpd.

Globally, oil reserves fell by 3 billion barrels last year to 1.258 trillion barrels, led by declines in Russia, Norway and China, the report added.

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