Oil Production in Russia Falls 937,000 Barrels Below OPEC+ Quota

In July, crude oil production in Russia amounted to 8.887 million barrels per day, which is 937,000 barrels below the established quota of 9.824 million barrels per day under the OPEC+ agreement. The main reason for the decline in production was Ukraine's strikes on Russian oil infrastructure. In the first half of July, attacks were directed at oil refineries, leading to reduced processing and increased maritime exports of crude oil. In the second half of July, strikes shifted to tankers in the Black and Azov Seas, allowing refineries to undertake repairs but decreasing raw material exports. Since the beginning of August, 9 out of 34 major Russian refineries have been hit, and three grain terminals in the port of Novorossiysk have also been damaged.

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