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Saudi Arabia has increased production and export of oil last year to the highest average levels in the history, while the global market for crude oil suffers from oversupply. The country’s exports rose to an average of 7.65 million barrels per day last year from 7.39 million barrels per day an year earlier, according to monthly data from the Joint Organisations Data Initiative (JODI). The production increased to 10.46 million barrels per day from 10.19 million barrels per day on average during the same period.

Saudi Arabia leads the initiative on global manufacturers to end the oversupply of the oil market, reducing the yield on January 1. The data showed that exports of the kingdom was raised to over 8 million barrels per day in November and December just before lowering the yield begins. The deliveries in November were the highest since May 2003, data showed.

Saudi Arabia was obtained between 10.2 and 10.67 million barrels of oil in the first 10 months, when producers were discussing a deal

Meanwhile, it was also clear that Russia has replaced Saudi Arabia, as the largest producer of crude oil in December, when both sides started to reduce their production according to the deal in November. Russia has produced 10.49 million barrels per day in December, which is 29,000 barrels less than November. At the same time production of Saudi Arabia fell to 10.46 million barrels per day from 10.72 million barrels per day in the previous month. This is the first time that Russia surpassed Saudi Arabia since March 2016. USA is third, yielding a 8.8 million barrels per day in December to 8.9 million barrels per day in the previous month.

