Russian Crude and Condensate Production 5.1% Higher in May

Russia produced 10.75mn bpd of crude oil and gas condensate in June, 510,000 bpd or 5.1% higher than May according to official data covering June 1-29 seen and reported by Energy Intelligence.

• At 9.76mn bpd, crude production is 910,000 bpd below OPEC+ targets.
• After a fall of nearly 1 million bpd in crude and condensate production in April, Russia has recovered and boosted output by over 600,000 bpd – output is now only 3.4% down from prewar levels in February.
• Crude and condensate production on Jun. 29 was 10.76 million bpd, up 240,000 bpd from the last day in May – indicating that production is ramping up into July.
• Russian refinery runs for the month are estimated at 5.26 million bpd, up 330,000 bpd, or 7%, compared to May. Domestic runs remain 10% below prewar levels.
• Europe is still importing around 1.7 million bpd of Russian crude in June, down from 2.2 million bpd prewar. Pipeline exports to Germany and Poland were flat for the month at 288,000 bpd and 240,000 bpd, respectively.
• India was on track to import 610,000 bpd of Russian oil this month, versus 975,000 bpd in May. China remains the biggest buyer, soaking up to 2 million bpd of Russian crude.