Russia's crude oil production in July was nearly 1 million b/d below its OPEC+ quota because Ukraine attacks Russian oil infrastructure almost every day. According to OPEC's monthly report, Russia's crude oil production last month averaged 8.887 million barrels per day. Although this level is only 6,000 b/d less than the revised average production in June, the average daily production in July was significantly lower than Russia's monthly target of 9.824 million barrels in accordance with agreements reached with allies. The data comes at a time when the Russian oil industry is facing ongoing attacks in Ukraine. Last month, Kyiv targeted various facilities, from refineries to oil tankers, and the focus of attacks was constantly changing, threatening Russian crude oil processing volume and export scale. At this time, the global energy market was already under pressure due to the Middle East conflict.

Russia's crude oil production in July was nearly 1 million b/d below its OPEC+ quota because Ukraine attacks Russian oil infrastructure almost every day. According to OPEC's monthly report, Russia's crude oil production last month averaged 8.887 million barrels per day. Although this level is only 6,000 b/d less than the revised average production in June, the average daily production in July was significantly lower than Russia's monthly target of 9.824 million barrels in accordance with agreements reached with allies. The data comes at a time when the Russian oil industry is facing ongoing attacks in Ukraine. Last month, Kyiv targeted various facilities, from refineries to oil tankers, and the focus of attacks was constantly changing, threatening Russian crude oil processing volume and export scale. At this time, the global energy market was already under pressure due to the Middle East conflict.