Russian crude output falls below 10 million bpd, lowest since July 2020: sources

Russian crude output falls below 10 million bpd, lowest since July 2020: sources

Russia’s oil and gas condensate output fell below 10 million barrels per day (bpd) on Monday to its lowest level since July 2020, two sources familiar with the data said on Tuesday. data, as sanctions and logistical constraints make trade difficult.

The sources said Russia’s average oil production fell to 10.32 million bpd between April 1 and 11, from 11.01 million on average in March, a decline of more than 6%.

They added that production fell further on Monday, to 9.76 million bpd, according to Reuters calculations, the lowest level since the 9.37 million bpd on average they registered in July 2020, when production and demand were were affected by the spread of the coronavirus.

One of the sources also said that Russia’s largest oil company by production, Rosneft, has recorded the biggest drop in output, to 2.87 million bpd from April 1-11 from 3.35 million bpd in March.

The Russian Energy Ministry and Rosneft did not respond to a request for comment.

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