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RUSSIA BECOMES WORLD’S SECONDLARGEST OIL PRODUCER
21 August 2020 RUSSIA BECOMES WORLD’S SECOND-LARGEST OIL PRODUCER
The United States retained its leadership in oil output worldwide, the Joint Oil Data Initiative (JODI) said in a new update. Russia won the second place whilst Saudi Arabia came third. As for both oil output and processing, in June, Russia saw a slight change month-on-month. The U.S. oil production and processing numbers rose far more than in Russia. Yet all these three recorded a decline in their respective export figures. Thus, Russia solidified its advantage over Saudi Arabia, although both are top members of the OPEC+ oil cut deal.
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In June 2020, the U.S. raised its oil output by 9 percent on the month, to 10.897 million barrels per day (bpd). Also then, Russian crude production went down by 0.17 percent, or 15,000 barrels, month-on-month, to 8.376 million bpd. In a far worse position, Saudi Arabia slashed output by 11.8 percent in June 2020 a month before, this figure stood at 7.484 million bpd. Exports got a far more severe blow they fell 17.3 percent from the month before to 4.98 million barrels per day. In June, the U.S. had its export dropped by 5.9 percent, to
