Russia says July crude output in line with Opec+ quota

Russian crude production was flat last month, putting the country broadly in line with its Opec+ quota again, according to the energy ministry.

"Russia has kept [crude] oil production at the level of June in July, in accordance with the Opec+ agreement. The level of compliance [in July] is close to the value of the June indicator," the ministry said.

The ministry has not provided the crude output figure for June or July, although it may do later. Energy minister Alexander Novak said at last month's meeting of the Opec+ group's Joint Ministerial Monitoring Committee (JMMC) that Russia achieved 99pc compliance in June, implying production of around 8.52mn b/d. Russia's output ceiling was 8.49mn b/d in May-July under the Opec+ deal, rising to 8.99mn b/d in August-December.

Preliminary data from the energy ministry's statistical branch CDU-TEK show Russia's total crude and condensate output increased by 0.6pc on the month to just under 1.28mn t/d in July. CDU-TEK does not split out crude and condensate, nor does it provide a conversion from tonnes to barrels. Condensate is exempt from the Opec+ deal.

By Anastasia Krasinskaya