Russian oil companies pumped 16 percent less oil last month than a year earlier, government data reported by Interfax showed. At 39.63 million tons, Russia’s average daily output for July was equal to 9.35 million bpd based on a conversion rate of 7.33 barrels per metric ton of oil. Reuters, however, cited Energy Ministry data that showed a daily average of 9.37 million barrels, which was slightly higher than the June average, which stood at 9.32 million bpd. The ministry commented that this rate of production was in line with Russia’s commitment to the OPEC+ production cut deal. Russia had one of the deepest production cut quotas in the OPEC+ group along with Saudi Arabia, at 2 million bpd . It took a while to achieve this level of output reduction, and starting from this month, it will increase the average daily output by some 400,000 bpd as the […]