Russia overtook Saudi Arabia as the world’s largest crude producer in July, just one month after the kingdom took the top spot for the first time in six years.
Production in Saudi Arabia, OPEC’s largest producer, fell to 9.8 million barrels a day (bpd) in July, down from 10.1 million bpd the previous month, according to data from the Joint Organization Data Initiative.
Russia pumped 9.92 million bpd in July, up by 20,000 barrels from June, said the website.
Saudi Arabia production reached a 31-year high in March as the Gulf state moved to compensate for declining Iranian exports.
The Gulf state this week offered customers in the US, Europe and Asia additional oil supplies through to the end of the year in a sign that the kingdom is concerned about the impact of rising oil prices on the global economy.
“We are consulting our clients about their oil needs and telling them we are ready to supply more,” a senior Gulf-based oil official told the Financial Times.
“The Saudis are actively managing the market,” added another senior oil official from an African OPEC country. “They supplied a little less when prices dropped to $90 over the summer and they will supply more now that prices are above $115.”
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