As Oil Prices Stay Low, Saudi Races Ahead in Production

© Fotolia / marrakeshhOil markets were negatively affected by Saudi Arabia's decision to cut prices for January deliveries to US and Asian customers.
Oil markets were negatively affected by Saudi Arabia's decision to cut prices for January deliveries to US and Asian customers. - Sputnik International
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Saudi Arabia has overtaken Russia to become the world's largest oil producer, even as it urges others to support the stabilization of prices.

Saudi Arabia has raced ahead of Russia to become the world's leading oil producer, the Emirati news website Aliqtisadi reported.

Although oil prices are at a multi-year low, Saudi Arabia has ramped up production, offering discounts to buyers as it aims to drive up its market share. Saudi Arabia previously said that it would use its position in OPEC to support high prices.

In the first nine months of 2015, Saudi Arabia produced around 10.19 million barrels per day, compared to Russia's 10.12 million, according to the publication.

Oil pump jacks work in unison on a foggy morning in Williston, N.D - Sputnik International
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Over the same nine-month period, global oil production grew by 1.8 percent, even as oil prices fell by over 15 percent over nine months and a total of 60 percent since they peaked in June 2014.

Saudi Arabia's previous all-time production peak was in 2012, when Brent oil cost around $112 per barrel, compared to $46 today.

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