Russia halts oil-output boost after July jump - Bloomberg

According to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit, Russia extracted an average of 11.21 million barrels of crude per day in August, little changed from July when the country’s output soared to just shy of a peak in 2016, Bloomberg cites.

Additional Details:

“The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over the strength of global demand.

All Russia’s top crude producers showed a modest increase in production in August, the CDU-TEK data showed.

That was offset by decreased output from smaller suppliers, mainly at Sakhalin-1, an offshore joint venture operated by Exxon Mobil Corp.

The nation’s overall exports rose 1.9 percent compared to July to 5.55 million barrels a day as Russia benefited from record-high oil prices in rubles.”

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