- The recovery in Russian oil production has continued this month as higher domestic demand offset a minor drop in exports to key markets (Bloomberg)
- The nation’s producers pumped 10.78 MMBbl/d on average from July 1 to 17, according to data from the Energy Ministry’s CDU-TEK
- That is 0.6% above the June level, according to calculations based on the data, indicating that the pace of the country’s output recovery has slowed, and it is still above the 10.095 MMBbl/d February average of crude and condensate
- Supplies to domestic refineries so far in July reached 5.75 MMBbl/d, around 6% above the average for June
- Russia’s output recovery is important to monitor to see if the nation could support further increases in OPEC+ quotas at the group’s next meeting on August 3
- Iraq’s Oil Minister Abdul Jabbar said that he would “like OPEC to retain its tools to measure and control output and maintain the existing balance”
- He also forecasts that oil will trade above $100/bbl for the rest of the year and remain high for the next several years
- Meanwhile, Saudi Arabia’s Foreign Minister commented that there is not a lack of oil in the market but rather a lack of refining capacity to match fuel demand following a meeting with Japan’s Foreign Minister today