Statistics service says Russia still world’s top oil producer in Dec

MOSCOW, Feb 28 (PRIME) -- Russia’s average daily oil production amounted to 10.582 million barrels in December, which allowed it to remain the world’s top oil producer in the month, the Federal State Statistics Service said in a statement on Wednesday.

The U.S. Energy Information Agency said that Saudi Arabia was the second largest oil producer with 10.033 million barrels of oil produced on average per day in the month.

The Federal State Statistics Service said that the combined daily oil output of OPEC states reached 32.416 million barrels, with Iraq accounting for 4.388 million barrels.

In 2017, Russia’s oil and gas condensate exports fell 0.9% to 252.6 million tonnes, while production dropped 0.2% to 546.7 million tonnes.

The share of oil exports in Russia’s exports portfolio increased to 26.1% in 2017 compared with 25.8% in 2016, and in the exports of fuel and energy resources the share of oil dropped to 44.1% from 44.4%, respectively.

The average effective export oil price stood at U.S. $435 per tonne in December, up 6.3% on the month. The world market price for the Urals oil, Russia’s key export blend, rose 2.6% on the month to $464.4 per tonne.

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