Russian Oil Output Surpasses 9 Million BPD After June Decline

Russian oil production has bounced back to above 9 million barrels per day (bpd) after a decline in June due to Ukrainian drone strikes. In July, crude and condensate output rose by approximately 100,000 bpd, pushing total output to around 10.46 million bpd.

This marks a notable recovery from the lows seen in June when production plummeted to around 8.86 million bpd.

The International Energy Agency (IEA) has been forecasting lower oil output for Russia, predicting an average of just 8.9 million bpd for this year and even lower at 8.8 million bpd for next year.

The IEA's projections are in contrast to OPEC+ agreements, which recently approved Russia's plan to ramp up production towards nearly 9.949 million bpd by September of next year.