Russian crude oil and condensate production has been 1.9% lower this month compared to July, and if the trend holds, August will be the first month in four in which Russian production will have dropped from the previous month, according to Russian energy ministry data seen by Bloomberg. Russia has managed to restore its oil and condensate production to the levels from February 2022, just before the Russian invasion of Ukraine.
Still, Moscow is way behind in its OPEC+ quota, which calls for monthly increases of 100,000 barrels per day (bpd)…Russia’s Oil Production On Track For First Drop In Four Months
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