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According to Dow Jones London, August 10, the International Energy Agency (IEA) said on Friday that the global oil supply increased in July stimulated by a sharp increase in Russian crude oil production, which also means that the nearly two-year production cut agreement led by OPEC has ended
.
Russian crude and condensate production rose 150,000 b/d to 11.
21 million b/d
in July, the IEA said in a monthly oil market report closely watched by the market.
Russian oil production increased faster than expected in July, up 265,000 b/d from a year earlier, and only 14,000 b/d
short of the all-time high set in October 2016, the IEA said.
Global oil production rose 300,000 b/d to 99.
4 million b/d in July, driven by higher production in Russia and increased output from two major OPEC producers
, Kuwait and the United Arab Emirates.
According to Dow Jones London, August 10, the International Energy Agency (IEA) said on Friday that the global oil supply increased in July stimulated by a sharp increase in Russian crude oil production, which also means that the nearly two-year production cut agreement led by OPEC has ended
.
Russian crude and condensate production rose 150,000 b/d to 11.
21 million b/d
in July, the IEA said in a monthly oil market report closely watched by the market.
Russian oil production increased faster than expected in July, up 265,000 b/d from a year earlier, and only 14,000 b/d
short of the all-time high set in October 2016, the IEA said.
Global oil production rose 300,000 b/d to 99.
4 million b/d in July, driven by higher production in Russia and increased output from two major OPEC producers
, Kuwait and the United Arab Emirates.
