Russia’s crude and condensate production has increased in June by 5% to an average of 10.7 million barrels per day (bpd), Russian daily Kommersant reported on Wednesday, quoting sources familiar with the production numbers. The production level includes condensate, which is not included in Russia’s quota in the OPEC+ deal but which the Russian authorities don’t report separately from crude production. Russia is believed to be producing around 800,000 bpd-900,000 bpd of condensate. The June level of Russia’s oil production is below the January-February level of around 11 million bpd, before the Russian invasion of Ukraine and the mass shunning of Russian crude oil in the West. In June, Russia’s oil exports have fallen by 3.3%, while domestic refining demand is rising seasonally, according to Kommersant’s sources. Experts told the Russian daily that it’s too early to talk about a steady decline in Russian oil exports. In production, all […]