Russia's Oil Output Rises Amid Strong Exports and Refinery Recovery

Russia's oil output rose in July to above 9 million barrels per day (bpd), supported by strong exports and refinery throughput recovery, according to industry sources. This increase comes despite Western sanctions and repeated attacks on refineries, which have been a major source of budget revenue for Russia.

The country's energy ministry did not immediately respond to a request for comments on July production. OPEC data showed that Russia's oil output fell by 61,000 bpd in June to 8.928 million bpd from May's 8.989 million bpd.

Russia plans to increase crude exports from its western ports by 4% in August compared with July, but drone attacks on refineries could reverse the uptrend and force producers to curb output due to difficulties in placing crude volumes.