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RUSSIA: Russian LNG Exports Slump, Oil Drilling Slips From Record Levels

RUSSIA
  • Russian LNG exports in July fell by 5.8% y/y to 1.97m tons, mainly due to scheduled repairs at Gazprom’s Sakhalin-2 and Portovaya LNG projects, Kommersant report.
  • Meanwhile, Bloomberg report that Russia’s oil firms have reduced pace of drilling from last year’s record as the nation deepened its OPEC+ production cuts. Rigs drilled 14,370km of production wells in Russia from January to June, 2.5% lower than the same period a year ago, according to industry data.
  • Russia's labour market has been overheating since the end of 2022 and wage growth is now close to peaking, Vedomosti report. According to “experts” the newspaper cite, a slowdown is unlikely before next year.

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