Russian oil output falls to near 3-yr low in early July - sources

10/07/2019 09:43 Oil Market

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Russian oil production fell close to a three-year low in early July, to 10.79 million barrels per day (bpd), dragged down by declining output at Rosneft , the country’s largest oil producer, industry sources told Reuters on Tuesday.

This is the lowest level of extraction since August 2016, when it stood at 10.71 million bpd C-RU-OUT, and down from 11.15 million bpd reached last June on average.

 

Russia’s oil production may still recover during the course of the month, as was the case in June, when it fell to as low as 10.87 mln bpd at the beginning of the month.

 

The decline follows the discovery in mid-April of contaminated Urals crude that affected the Druzhba pipeline to Europe, which led to the suspension of exports via the route. Since then, flows via the pipeline have partially resumed.

Source: reuters.com

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