In July production was only 310,000 barrels a day below prewar levels, IEA finds
Photograph: Sascha Steinbach/EPAPhotograph: Sascha Steinbach/EPARussian oil production has fallen by less than 3% since the invasion of Ukraine, withhaving only a “limited” effect, the International Energy Agency has found.
In its latest monthly oil report, the IEA said Russia’s oil production in July was 310,000 barrels a day below prewar levels, while total oil exports were down by about 580,000 barrels a day., the US, Japan and Korea had fallen by nearly 2.2m barrels a day since its invasion in February, but the IEA said the rerouting of flows to India, China, Turkey and others, along with “seasonally higher Russian domestic demand, has mitigated upstream losses”.
Its report estimates that Russia generated $19bn in oil export revenues last month, and $21bn in June. It said: “The outlook for world oil supply has been revised upward, with more limited declines in Russian supply than previously forecast.”Every weekday Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morningNewsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our
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Russian oil production falls less than 3% as sanctions have ‘limited’ effectIn July production was only 310,000 barrels a day below prewar levels, IEA finds
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