Russia Remains World's Second-Largest Oil Producer After US in March - JODI

MOSCOW (Pakistan Point News / Sputnik - 18th May, 2020) Russia remained the world's second-largest oil producer in March 2020, maintaining a daily output of 10.575 million barrels, with only the United States having a higher yield, data released by the Joint Organizations Data Initiative (JODI) on Monday revealed.

According to JODI, Russia's oil output fell by 0.3 percent compared to February. US production increased by 0.7 percent to 12.926 million barrels per day. Saudi Arabia claimed third place, producing 9.733 million barrels per day � a 0.5 percent decrease compared to February.

Saudi Arabia's oil exports rose in March by 1.6 percent to 7.391 million barrels per day. US exports decreased by 3.5 percent to 3.577 million barrels per day.

JODI did not provide data for Russia in March, however, Russia exported 4.819 million barrels per day in February.

US crude oil refinery inputs decreased in March by 3.9 percent compared to the previous month to 15.244 million barrels per day. Russia's oil refineries decreased inputs by 0.25 percent compared to February and amounted to 6.052 million barrels per day. In Saudi Arabia, refining inputs increased by 11 percent to 1.968 million barrels per day.

The oil market hit negative values for the first time in history in mid-April due to numerous restrictive measures and lockdowns related to the ongoing COVID-19 pandemic, which has halted many industries across the world, significantly lowering demand for fuel.