Russia's Oil Output Surges Past 9 Million Bpd Amid Rebound from June Lows

Russia's oil production has rebounded strongly in July, surpassing 9 million barrels per day (bpd) after dropping to 8.86 million bpd in June due to Ukrainian drone strikes on key refinery infrastructure.

The total output of crude and condensate rose by around 100,000 bpd in July, marking a notable recovery from the previous month's decline.

The International Energy Agency (IEA) has been forecasting Russian oil output to average just 8.9 million bpd across the full year of 2026, with an even lower projection of 8.8 million bpd for 2027.

Russia's production decisions are tied to OPEC+ agreements, and the cartel recently approved Russia's plan to ramp output toward nearly 9.949 million bpd by September 2026.