Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg

Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg:

Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month.

The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of 9.371 million barrels, applying a 7.33 barrel-per-ton conversion rate, and is above June levels, when output averaged 9.329 million barrels a day.

The Organization of Petroleum Exporting Countries and its allies last month agreed to start tapering their cutbacks from 9.6 million barrels a day in July to 7.7 million from Aug. 1. The group led by Saudi Arabia and Russia will be returning supply at a time oil’s recovery has faltered with coronavirus infections still surging in many parts of the world, and new cases emerging in Asia and Europe.