Oil Production in Russia Falls to 8.718 Million Barrels per Day

In August, crude oil production in Russia decreased to 8.718 million barrels per day, which is 160,000 barrels less than in July. This marks the deepest decline since the beginning of production cuts in December. Daily production was 1.17 million barrels below the level stipulated in the OPEC+ agreement. The decline was attributed to intensified Ukrainian strikes on oil refineries and export infrastructure. In August, Ukrainian forces attacked oil processing facilities at least 22 times, leading to a reduction in oil processing volumes. Russian companies were unable to redirect the released crude for export due to logistical constraints. In response to the situation, the Russian government extended the ban on diesel fuel exports into September and resumed the regulation of gasoline sales in certain regions. A general decline in oil production is expected by the end of the year compared to previous forecasts.

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