Monday 20 February 2017

China. Crude Oil. Million Reasons

Is the current top five US hit, that has just smashed its way into the charts from nowhere. The single is by Lady Gaga, taken from her latest studio album entitled Joanne.

There is a million reasons, why the Sheikh's should start worrying that their grip as the largest oil producers get thrown into the mud.

Latest figures show, that China is now the world's fifth largest oil producer.

Read below,  the story from Bloomberg, on who is number one and number three :

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.

Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the website of the Joint Organisations Data Initiative in Riyadh.

The U.S. was the third-largest producer, at 8.8 million barrels a day in December compared with 8.9 million barrels a day in November, according to JODI.

Iraq came in fourth at 4.5 million barrels a day, followed by China at 3.98 million barrels a day, the data show.