Russia's crude and condensate output rose by roughly 100,000 barrels per day in July, pushing production back above 9 million bpd after Ukrainian drone strikes on refinery infrastructure had dragged June output down. The rebound comes as OPEC+ has approved a Russian plan to raise output further by September 2026, while a new EU sanctions package widens its reach into crypto operators tied to Russian oil deals.
Russia's oil output is climbing again. Crude and condensate production rose by roughly 100,000 barrels per day in July, pushing total output back above the 9 million bpd threshold.
That marks a recovery from June, when Ukrainian drone strikes on key refinery infrastructure reportedly hammered production down to around 8.86 million bpd. Combined crude and condensate output reportedly hit approximately 10.46 million bpd in July, a 0.3% increase month-over-month.
The International Energy Agency is telling a more cautious story than the July rebound suggests. The IEA forecasts Russian oil output will average just 8.9 million bpd across full-year 2026, with an even lower projection of 8.8 million bpd for 2027.
Russia isn't setting its own output levels in a vacuum, either. The country's production is entangled with OPEC+ agreements, and the cartel has approved Russia's plan to ramp output toward nearly 9.949 million bpd by September 2026.
The backdrop to the output swings is a tightening sanctions regime. The EU's 21st sanctions package, rolled out in July 2026, goes after crypto operators involved in facilitating oil-related transactions, closing a loophole that let Russian firms use cryptocurrency to sidestep financial restrictions on oil deals.
Source: Crypto Briefing
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