crude production in 2017, has rocked the oil industry in the past few years, spurring the Organization of Petroleum Exporting Countries and other traditional producers led by Saudi Arabia and Russia to cut output to trim global inventories.
production, particularly the Permian Basin, and now new oil sands projects in Canada, non-OPEC production is forecast to continue growing through the end of 2019,” John Conti, acting administrator of the agency, the statistical arm of the U.S.
Russia, Saudi Russia pumped 11.23 million barrels a day in October 2016, a month before the accord was announced, and hit an annual production record in 2017, according to data published last week by the Energy Ministry’s CDU-TEK statistics unit.
Saudi Arabia, OPEC’s largest producer, kept production right around 10 million barrels a day in 2017, but pumped as much as 10.7 million in July 2016, according to Bloomberg estimates.
Energy Minister Khalid Al-Falih has said the kingdom has another 2 million barrels a day of spare capacity, meaning it projects being able to ramp up to around 12 million.