Russia Boosts Oil Output to Over Nine Million Barrels Per Day

Russia's crude and condensate output surpassed nine million barrels per day in July due to strong oil exports and refinery recovery. The country's energy ministry did not immediately respond to a request for comments on July production, but industry sources told Reuters that the increase was supported by high oil exports and recovering refinery throughput.

According to OPEC data, Russia's oil output fell by 61,000 barrels per day in June to 8.928 million bpd from 8.989 million bpd in May. However, an escalation of drone attacks on Russian refineries in late July and early August could reverse the uptrend, forcing producers to curb output due to difficulties in placing crude volumes.

Russia plans to boost crude exports from western ports despite potential disruptions. The country's oil output declined earlier this year because of refinery damage and export constraints, the Russian central bank said in its report on its July board meeting on interest rates.