21 May '12, 1pm
Drumbeat: May 21, 2012
Posted by Leanan on May 21, 2012 - 10:00am Saudi Arabia knocks off Russia as world's biggest oil producer Saudi Arabia has overtaken Russia as the world's biggest producer of oil for the first time in six years as the kingdom tries to compensate for declining Iranian exports and attempts to push crude prices lower. Saudi production reached a 31-year high at 9.923 million barrels per day (bpd) in March, marginally more than Russia's 9.920 million bpd, according to data from the Joint Organisations Data Initiative (Jodi). Opec's largest producer has increased production in response to sanctions and an embargo levelled on Iran, and has made repeated assurances it would use its spare capacity to keep the markets supplied. Yet its efforts to calm the oil markets and lower crude prices to levels palatable to a vulnerable world economy are hampered by the inability of other count...