Russia halts oil-output boost after July jump - Bloomberg

Dhwani Mehta FXStreet

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.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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