Russia cuts oil production in July, more cuts expected
By Julianne Geiger - Aug 09 2024 903 AM CDT
Russia's crude oil production was down in July compared to June, the Russian Energy Ministry said on Friday. The ministry said that Russia's production was down by 114,000 barrels per day (bpd) in July, to 9.03 million bpd. This is below the ministry's target of 9.1 million bpd for the month.
The ministry also said that Russia plans to make additional cuts to its oil production in the coming months, in order to comply with its production target under the OPEC+ agreement. The OPEC+ agreement is a deal between OPEC members and non-OPEC producers, including Russia, to limit oil production in order to support prices.
Russia has been under pressure from OPEC to reduce its oil production, as the group has been trying to limit supply and support prices. In July, OPEC estimated that Russia's production was above its target, and called on the country to make cuts.
The cuts in Russia's oil production are likely to have a significant impact on the global oil market. Russia is one of the world's largest oil producers, and its production cuts will help to reduce global supply. This could lead to higher oil prices.
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