The world’s oil supply expanded in July on the back of surging Russian crude production, the International Energy Agency said August 10, in a concrete sign of the unraveling of a nearly two-year-old OPEC-led agreement to curb output.
In its closely-watched monthly oil market report, the IEA said Russian crude and condensate production climbed by 150,000 barrels a day last month, to 11.21 million barrels a day. That “significantly sharper acceleration than expected” put output 265,000 barrels a day higher year-on-year and just 14,000 barrels a day lower than Russia’s October 2016 record high, the agency said.
