quote: ➡️ Russian crude output has been largely stable at around 8.9mmbpd since April, but that is down 0.5mmbpd from the level of last October and - as Bloomberg notes - almost 1mmbpd below its OPEC+ quota. ➡️ The problem is likely not at the wellhead: We think Russia's oil companies could produce at 9.5mmbpd or more in relatively short order, given the chance. ➡️ Rather, the problems is more likely logistical, and can be traced back to the significant refinery and port disruptions caused by the drone campaign against Russian energy assets. #oott | #Russia’s crude-only production lagged behind its OPEC+ quota by almost a million barrels a day in July as Ukraine attacked the nation’s oil infrastructure almost daily. Producers pumped an average of 8.887 million barrels a day of crude last month, according to a monthly report by the Organization of the Petroleum Exporting Countries. While that’s a drop of just 6,000 barrels a day from the average level in June, which was revised down, July’s daily production is significantly below Russia’s target level of 9.824 million barrels for the month under its agreement with its OPEC+ allies. #oott bloomberg.com/news/articles/…

quote: ➡️ Russian crude output has been largely stable at around 8.9mmbpd since April, but that is down 0.5mmbpd from the level of last October and - as Bloomberg notes - almost 1mmbpd below its OPEC+ quota. ➡️ The problem is likely not at the wellhead: We think Russia's oil companies could produce at 9.5mmbpd or more in relatively short order, given the chance. ➡️ Rather, the problems is more likely logistical, and can be traced back to the significant refinery and port disruptions caused by the drone campaign against Russian energy assets. #oott | #Russia’s crude-only production lagged behind its OPEC+ quota by almost a million barrels a day in July as Ukraine attacked the nation’s oil infrastructure almost daily. Producers pumped an average of 8.887 million barrels a day of crude last month, according to a monthly report by the Organization of the Petroleum Exporting Countries. While that’s a drop of just 6,000 barrels a day from the average level in June, which was revised down, July’s daily production is significantly below Russia’s target level of 9.824 million barrels for the month under its agreement with its OPEC+ allies. #oott bloomberg.com/news/articles/…

Source:https://x.com/staunovo/status/2087567398777798954