OPEC announces decline in Russian oil production
The Organization of the Petroleum Exporting Countries (OPEC) has reported in its latest monthly report that Russian oil production has continued to decline over the past three months.
Last year, Russia, Saudi Arabia, and several OPEC members and allied countries agreed to voluntarily reduce their oil production, and they recently agreed to extend the production cuts.
However, OPEC’s statistics show that the ongoing decline in Russian oil production has accelerated since March of this year, with a reduction of about 300,000 barrels per day over the past three months.
Last month, Russia’s daily oil production decreased by nearly 120,000 barrels compared to April.