Russia raised crude extraction by 4% y-o-y to 10.49 mn bpd in December 2016, Joint Organization Data Initiative (JODI) said in an updated database.
Meanwhile, Russia's closest rival in terms of oil exports, Saudi Arabia, increased oil output by 3% to 10.49 mn bpd. Meanwhile, since March 2016 Russia has extracted less crude oil than the kingdom.
In December 2016, Saudi Arabia bumped up oil exports by 7% y-o-y to 8.01 mn bbl. The JODI database lacks data on Russian oil exports in December.
Russia and Saudi Arabia are parties to the agreement that was signed by the oil cartel and a number of independent oil producers to cut oil output effective January 1, 2017. OPEC and 11 non-OPEC members agreed to take 1.8 mn bpd off the market within six months.
Saudi Arabia and Russia enjoy the highest quotas in production cuts (486,000 bpd and 300,000 bpd, respectively). Based on OPEC data, in January Saudi Arabia reduced oil extraction by 586,000 bbl, while Russia's cut equaled 120,000 bbl.
