Russia’s crude oil production was down in July compared to June, the Russian Energy Ministry said on Friday, and more cuts are coming. Russia’s oil production came in at 67,000 bpd above its quota for July, but was down in July compared to June due to “one-off supply scheduling issues”. According to the Energy Ministry, August and September production levels will “remedy this.” Russia had already agreed to compensate for everything it has overproduced since April of this year. The compensatory cuts will come…
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