MOSCOW (Commodity Online); Russia has emerged as the world’s largest producer of Crude Oil ahead of Saudi Arabia in 2012. According to US Geological Survey (USGS) data, Saudi Arabia topped the charts until 2011 producing 10.5 mn barrels per day in 2011 while Russia produced 10.1 mn barrels per day.

However, Reuters reported that Russia has emerged as the world’s largest crude oil producer this year having increased production to 10.46 mn barrels per day thanks to increased production by Rosneft, soon to be world’s biggest crude supplier. Russia's crude production stayed above the 9.95 million bpd pumped last month by Saudi Arabia, which, unlike Russia, has spare capacity to produce more oil, the report added.

According to Organisation of Petroleum Exporting Countries (OPEC), October report: World oil demand is expected to grow by 0.8 mb/d in 2013, unchanged from the previous forecast and in line with the growth for the current year, which has been revised down by 0.1 mb/d. The projections for global oil consumption continue to be affected by the uncertainties facing the world economy. Slower industrial production has sharply reduced global oil demand in both the US and China, and the winter outlook represents further uncertainties in the coming months. Risks to the forecast for 2013 are primarily on the downside, due to the turbulence in the world economy.

Non-OPEC oil supply is now forecast to increase by 0.6 mb/d in 2012, following a downward revision of 0.1 mb/d from the previous month, due mainly to lower-than-expected supply from Brazil, Kazakhstan, China, Azerbaijan, and the UK. In 2013, non-OPEC oil supply is expected to grow by0.9 mb/d, supported by anticipated growth in the US, Canada, Brazil, and Kazakhstan, as well as Sudan and South Sudan. OPEC NGLs and nonconventional oils are expected to increase by 0.4 mb/d in 2012, and 0.2 mb/d in 2013. In September, total OPEC crude production averaged31.08 mb/d, according to secondary sources, representing a drop of 265 tb/d from the previous month.