Russia Raising Oil Output As OPEC+ Agreement Loosens

On August 1 and 2, Russia raised oil and gas condensate output to 9.8 million barrels per day, up from 9.37 million bpd in July, as production cuts under the OPEC+ deal eased. From August 1, OPEC+ agreed to lower output cuts from 9.7 million barrels per day (bpd) from 7.7 million bpd thus allowing for more production.