Russian oil output falls to near 3-yr low in early July - sources

09 Jul, 2019

This is the lowest level of extraction since August 2016, when it stood at 10.71 million bpd <C-RU-OUT>, and down from 11.15 million bpd reached last June on average.

Russia's oil production may still recover during the course of the month, as was the case in June, when it fell to as low as 10.87 mln bpd at the beginning of the month.

One industry source also said that output at Rosneft , the world's largest listed oil producer, fell by 11% on July 1-8 from June's average.

Reuters uses a tonnes/barrel ratio of 7.33. Both Rosneft and energy ministry did not immediately respond to requests for comment.

The decline follows the discovery in mid-April of contaminated Urals crude that affected the Druzhba pipeline to Europe, which led to the suspension of exports via the route. Since then, flows via the pipeline have partially resumed.

Copyright Reuters, 2019

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