Russian Oil Output Increases 1.7% Month-on-Month in May, According to Interfax Reports By Reuters

Russian Oil Output Sees Modest Increase in May

Recent reports indicate that Russia’s average production of oil and gas condensate has risen approximately 1.7% month-over-month, reaching 1.4 million tonnes per day (equivalent to 10.25 million barrels per day) in the early part of May.

However, there has been a decline in Russian oil exports outside the former Soviet Union. According to sources, exports via the Transneft network dropped by 4.1% compared to April’s average, totaling around 608,600 tonnes per day (about 4.46 million barrels per day) during the same period.