Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.

Russia pumped 10.49 MMbopd in December, down 29,000 bpd from November, while Saudi Arabia’s output declined to 10.46 MMbopd from 10.72 MMbopd in November, according to data published Monday on the website of the Joint Organizations Data Initiative (JODI) in Riyadh. That was the first time Russia beat Saudi Arabia since March.

Saudi Arabia and fellow producers from the Organization of Petroleum Exporting Countries decided at the end of November to restrict supplies by 1.2 MMbopd for six months starting Jan. 1, with Saudi Arabia instrumental in the plan. Non-member producers, including Russia, pledged additional curbs. Brent crude prices have climbed about 20% since the end of November.

The U.S. was the third-largest producer, at 8.8 MMbopd in December compared with 8.9 MMbopd in November, according to JODI.

Saudi Arabia’s crude exports declined to 8 MMbopd in December, from 8.26 MMbopd, the biggest outflow for any month since May 2003, according to JODI data.

Source: www.worldoil.com