IEA: Russian Oil Output Still Exceeding Expectations

Six months into Russia’s war on Ukraine, Russia's oil output has continued to exceed expectations although experts are warning that Moscow will find it increasingly difficult to uphold production as Western sanctions begin to bite. According to the latest report by the International Energy Agency (IEA), Russian oil exports fell by 115 kb/d in July to 7.4 mb/d, from about 8 mb/d at the start of the year. That decline is nowhere near the 2-3 million b/d slump predicted by some experts. The country’s crude and oil product flows to the…