Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Abu Ali Mustapha Brigades, the military wing of the PFLP, says they handed over the body of an Israeli captive to the Israeli occupation forces in implementation of the clauses of the ceasefire agreement.
Al Mayadeen correspondent: Israeli drones are flying over the presidential palace in Baabda, Mount Lebanon, and over the skies of the capital, Beirut, and its suburbs.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch a series of raids on the al-Mahmoudiya and Jarmaq areas
Trump reiterates proposal for Russia and Ukraine to stop at current front line, negotiate later
Reuters: Trump says no discussion regarding Ukraine ceding Donbas to Russia
US Vice President JD Vance: There is currently no security infrastructure in place to ensure the disarmament of Hamas
Israeli occupation forces said that "ceasefire in Gaza begins to be re-implemented."
Israeli media: 'Israel' to halt entry of humanitarian aid into Gaza until further notice.
Al Mayadeen correspondent: One woman was killed and several children were injured as a result of Israeli bombing of displaced Gazans' tents in the Mawasi area of ​​Khan Yunis, south of the Gaza Strip.
Al Mayadeen correspondent in Gaza: An Israeli airstrike targeted the eastern areas of Jabalia, north of the Gaza Strip.

Russia hit largest oil exports revenue in July since Nov 2022: IEA

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Aug 2023 17:48
  • 2 Shares
4 Min Read

A recent IEA says Russia cut oil production in July by 50,000 barrels per day to 9.4 million barrels per day.

  • x
  • IEA
    An oil tanker in the southern Russian port city of Novorossiysk (TASS)

The International Energy Agency (IEA) pointed out that Russia's oil exports in July remained at the same level of 7.3 million barrels per day but received the largest revenue since November 2022, the agency's latest report found on Friday.

"Russian oil exports held largely steady in July at 7.3 mb/d for crude and products combined. Outbound product trade rose 200 kb/d m-o-m to 2.7 mb/d as refinery runs saw a post-maintenance surge that cut crude exports by 200 kb/d to 4.6 mb/d," the report read.

It highlighted that "Russian oil export revenues reached their highest level since November 2022 despite flat overall volumes."

The report indicated that Russia cut oil production in July by 50,000 barrels per day to 9.4 million barrels per day, which means that Moscow is complying with the announced voluntary reduction of 500,000 barrels per day.
 
"Russian crude output eased by 50 kb/d in July to 9.4 mb/d as exports declined along with higher domestic refinery runs. This means Moscow has more than fulfilled its voluntary cut of 500 kb/d," the report mentioned.

According to the report, the IEA has upgraded its forecast for the global oil demand increase by 100,000 barrels per day and expects it to be at the level of 102.2 million barrels per day in 2023.
 
"Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth," it noted.

In the same context, the IEA confirmed that OPEC+ countries that have obligations under the agreement on limiting oil production decreased output by 1.14 million barrels per day in July to 35.9 million barrels per day, with the gap from the quotas being 3.67 million barrels per day.

Related News

India denies Trump’s claim that Modi agreed to halt Russian oil buys

Japan, India face US pressure to cut Russian energy ties

"OPEC+ crude oil production from all 23 member countries plummeted 1.23 mb/d to 42.46 mb/d in July, the lowest level since September 2021, after Riyadh largely made good on its promise of a sharp voluntary cutback," the report read.

According to IEA data, the 19 member countries produced 35.9 million barrels per day in July. In June, their production was 37.04 million barrels, thus, over the month it decreased by 1.14 million barrels per day. The target level of production, within the quotas, is 39.57 million, therefore, the difference between the quota and real production was 3.67 million barrels per day.

The IEA report said the agency has downgraded its forecast for global oil production in 2023, expecting an increase of 1.45 million barrels per day to 101.47 million barrels per day.

"Global oil output is projected to expand by 1.5 mb/d to a record 101.5 mb/d in 2023, with the US driving non-OPEC+ gains of 1.9 mb/d. Next year, non-OPEC+ supply is also set to dominate world supply growth, up 1.3 mb/d while OPEC+ could add just 160 kb/d," it explained.

The IEA predicted that oil production in the world is expected to be 101.47 million barrels per day. A month earlier, the IEA predicted that global oil production in 2023 would grow by 1.6 million barrels per day to 101.54 million barrels per day.

Elsewhere, the IEA report concluded by highlighting that the total oil and petroleum products reserves in the Organization for Economic Co-operation and Development (OECD) countries, which include commercial and state reserves, have decreased by 14.7 million barrels in June, but are below the five-year average by 115.4 million barrels.

Read more: Russia 'fully committed' to OPEC+ agreements

  • Russian oil
  • Russia
  • IEA
  • Oil Production
  • OPEC+

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
Israeli occupation violates Gaza ceasefire, killing seven Palestinians.

Israeli occupation violates Gaza ceasefire, kills seven Palestinians

  • Politics
  • 14 Oct 2025
Zionists Fundamentally Misread Iran Due To Their Own Echo Chambers

Zionists fundamentally misread Iran due to their own echo chambers

  • Analysis
  • 15 Oct 2025

Coverage

All
War on Gaza

Read Next

All
UK blocks release of documents on secretive Lammy-Sa’ar meeting.
Politics

UK blocks release of documents on secret Lammy-Sa’ar meeting

Colombia slams Trump’s drug accusation, defends sovereignty
Politics

Colombia slams Trump’s incendiary drug claims, defends sovereignty

The abuse was detailed in Giuffre's memoir "Nobody's Girl: A Memoir of Surviving Abuse and Fighting for Justice." (AP)
Politics

Epstein victim recounts choking, sexual assault by 'well-known PM'

The US Secret Service discovered a hunting stand near the airport President Donald Trump uses in Florida. (US Secret Service)
Politics

FBI probes hunting stand with sightline to Trump’s Air Force One exit

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS