22 March 2016, 11:32 GMT
MOSCOW (Sputnik) — Russia overtook Saudi Arabia in terms of daily oil output volumes in January, exceeding Saudi production by 375,000 barrels per day, the Russian Federal State Statistics Service said Tuesday.
Saudi Arabia produced 10.091 million barrels a day in January, falling behind Russia on 10.466 million barrels, the service said. In December, Russia held the leading position in the world, having produced 10.327 million barrels daily, while Saudi output amounted to 10.047 million barrels per day.
According to the figures, Russian oil exports decreased by 2.4 percent in January 2016 compared to January 2015, to 19.2 million metric tons. Exports constituted 25.3 percent of the overall volume of Russian oil output in January 2016 compared to 28 percent in January 2015.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing glut in global oil supply.
Major oil producers are expected to meet in the Qatari capital of Doha, on April 17, to discuss a proposed oil production freeze.
