Russia Misses OPEC+ Quota by Almost One Million Barrels in July Amid Ukrainian Attacks

Russia's crude oil production fell short of its OPEC+ quota by nearly one million barrels per day in July, according to data from the Organization of the Petroleum Exporting Countries. The country's average daily production stood at 8.887 million barrels, a drop of just 6,000 barrels from June's revised average level.

The deficit is significant, as Russia's target quota for the month was 9.824 million barrels per day under its agreement with OPEC+ allies. This discrepancy comes amid ongoing Ukrainian attacks on Russian oil infrastructure, which have forced producers to export record amounts of seaborne crude and reduce processing rates at refineries.

The situation has been further complicated by Ukraine's shifting focus from targeting refineries in the first half of July to attacking tankers in the Black Sea and the Sea of Azov. While this brief respite allowed for repairs and boosted processing rates, it has also led to a decline in crude exports. So far this month, Ukraine has attacked nine out of 34 large refineries, mostly linked to major oil producers in Russia.