Saudis Reclaim Top Ranking for Oil Production, US Number 3
For the past six years, the country that has produced the most oil (and liquids) has been Russia. Saudi Arabia has been second, until this past March according to data from the Joint Organization Data Initiative (JODI), the information-gathering arm…
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Saudi Arabia’s production rose to 9.923 million barrels/day in March, compared with 9.920 million barrels/day of production from Russia. US production in March is given as 5.889 million barrels/day, making the US the third largest producer in the world, ahead of fourth place Iran, which produced 3.755 million barrels/day.
The JODI ranking is, for the most part meaningless, except to Russian President Vladimir Putin, who wants his country to produce 10 million barrels/day and to be recognized for it. While the ranking is useful only for bragging rights, the time series data from JODI goes back to 2002 and is very granular and useful.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
