Russian Oil Production Misses OPEC+ Quota Amid Ongoing Ukraine Attacks

Russia's oil production fell short of its OPEC+ quota in July, producing an average of 8.89 million barrels per day, nearly one million barrels less than the target set for the country.

According to a report from the Organization of the Petroleum Exporting Countries, Russian companies produced 6,000 barrels per day less than they had the previous month.

The shortfall is occurring against the backdrop of ongoing attacks on Russian oil infrastructure by Ukraine, which has targeted various facilities, including oil refineries and tankers.

These attacks have disrupted Russia's oil processing and export volumes, with Ukrainian strikes shifting from refineries to tankers in the second half of July, giving Russian refineries a brief break for maintenance.