Russia Retains Position as World’s Second-Largest Crude Oil Producer in August

Russia has once again retained its position as the world’s second-largest crude oil producer, according to August figures published by the Joint Organisations Data Initiative (JODI) on Monday.

In August, Russia’s crude oil output rose by 4.7 percent month-on-month, with total production registered at 9.21 million barrels per day (bpd). The United States topped the charts in August, producing 10.41 million bpd, a 5.3 percent drop from the previous month.

According to the latest update, Russia has now held second place for the fourth month in a row, after a drop to third place behind Saudi Arabia for a single month in April. Saudi Arabia increased output by more than 6 percent in August, recording 8.98 million bpd.

JODI also found that Saudi crude oil exports rose by 4 percent in August to 5.97 million bpd. The United States, on the other hand, reported a drop of 10.3 percent to 2.91 million bpd.

Russia’s export data for August was not reported by JODI, although exports in July stood at 4.13 million bpd, compared to 5.00 million bpd in June.

The United States in August also reported a 0.9 percent decrease in oil refinery intake compared to the previous month, down to 14.21 million bpd. Russia reported a modest increase of 1.5 percent to 5.46 million bpd, as Saudi Arabia registered a substantial rise of 23.6 percent, up to 2.58 million bpd.