Russia tops Saudi Arabia as world’s largest oil producer

Bloomberg reports that Russia surpassed Saudi Arabia as the world’s largest crude oil producer in December 2016 as both countries started restricting supplies ahead of an agreed production cut “to curb the worst [oil] glut in decades.” Citing numbers published by the Joint Organisations Data Initiative, the news service says Russia pumped 10.49 million barrels of oil a day in December, while Saudi Arabia’s output was 10.46 million barrels a day. The United States was the third-largest producer at 8.8 million barrels a day, with Iraq and China rounding out the top five. For more, read the full story.