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Market Chatter: Russia Boosts July Crude Production as Exports Recover

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Russia increased July crude oil and condensate production above 9 million barrels per day as exports recovered, though output can ease in August, Reuters reported Thursday, citing two industry sources.

The sources said stronger refinery throughput and firm exports lifted production by about 100,000 b/d from June, but renewed drone attacks on refineries and limited tanker availability in the Black Sea could make it difficult to sustain July's pace.

Russia plans to increase crude exports from its western ports in August, the report said. The Bank of Russia earlier said transport and port capacity constraints had restricted crude exports after refinery disruptions.

OPEC estimated Russia's oil production at 8.93 million b/d in June, down from 8.99 million b/d in May. Russia's Ministry of Energy and Bank of Russia did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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