• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 5 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 5 hours Will Uncle Sam Step Up and Cut Production
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 4 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 7 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day US Petroleum Demand Strongest Since 2007
  • 9 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 17 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 16 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 23 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
Alt Text

The Bullish EIA Message Markets Have Overlooked

U.S. shale hasn’t just introduced…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia’s Oil Output Rebounds From Three-Year-Low

Russia’s oil production in the past few days has recovered to the ceiling that Moscow has pledged in the OPEC+ deal, Russian Energy Minister Alexander Novak said on Thursday, after output had dropped to nearly three-year lows in the first days of July.

Lower output from Russia’s largest oil producer Rosneft resulted in total Russian production falling to a near three-year low in early July, Reuters reported last week, citing industry sources.

Russia’s oil production in the first days of July averaged 10.79 million bpd, the lowest level since August 2016, when production stood at 10.71 million bpd, according to Reuters’ sources and calculations.

Rosneft’s production between July 1 and 8 went down by 11 percent from the average production level in June, one industry source told Reuters.

Production of Rosneft’s Yuganskneftegaz unit in West Siberia slumped by a whopping 30 percent in the first week of July from the June average, a source in the industry told Reuters.

Speaking to reporters in Russia today, Novak said that Russian oil production is already restored in line with the plans, admitting that output was indeed lower earlier in July due to “technological processes.”

In the past few days, Russia’s production has been restored to the levels pledged under the OPEC+ deal, the minister said, adding that output in the second half of July would be higher than the average production in the first two weeks of this month.

In June, total Russian oil production inched up to 11.15 million bpd from 11.11 million bpd in May, according to Reuters calculations of tons in barrels, based on data from the Russian Energy Ministry.

Last month, Russian oil companies ramped up production, while output at fields run by foreign companies dropped by 11.2 percent from May.

Despite the rise in the June production, Russia was still complying, for a second month in a row, with its pledge under the OPEC+ deal in which it vowed to reduce production by 230,000 bpd from October’s post-Soviet record level of 11.421 million bpd, to 11.191 million bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play