The 1633rd issue of the bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas production and Oil refining" of the AK&M News Agency.
In July, there was a neutral price trend in the global oil market. Spot prices for crude oil drifted in a relatively narrow price range of $67-73 per barrel of Brent grade. Market participants are becoming less sensitive to increases in OPEC+ quotas, as real production volumes tend to remain below plan. The positive news for oil prices was the data that the United States is close to concluding trade agreements with EU countries, as well as the stagnation of oil reserves in the United States. The ongoing geopolitical instability in the Middle East is also a supportive factor.
Oil production in Russia increased by an average of 41,000 barrels per day in June compared with May. Such data is provided by OPEC. Thus, production in June amounted to 9.025 million barrels per day against 8.984 million barrels per day in May. At the same time, production was below the OPEC+ plan, taking into account compensations and voluntary reductions of 25 thousand barrels per day. Russia was supposed to produce 9.05 million barrels per day of oil in June, taking into account all voluntary reductions and obligations to compensate for overproduction. Without taking into account the compensation plan, Russia will be able to increase oil production in August to 9.344 million barrels per day. Russian Energy Minister Sergei Tsivilev, during a speech at the government hour in the Federation Council, said that oil production in the Russian Federation in January-May 2025 decreased by 3.5% and amounted to 211 million tons.
In the first half of 2025, gas production in Russia amounted to 334.8 billion cubic meters, a decrease of 3.2% compared to the same period in 2024. Natural gas production decreased by 2.7% year-on-year, amounting to 284.5 billion cubic meters. Associated petroleum gas production decreased by 5.7%, amounting to 50.8 billion cubic meters. About 12.3 billion cubic meters of associated gas were burned at flare installations. This is 6.8% more than the same period in 2024. According to the current medium-term macro forecast, production in 2025 is planned at 695.4 billion cubic meters.
Russia's revenues from oil exports in June 2025 increased by $800 million to $13.6 billion compared to May. According to the International Energy Agency, Russia's June oil export revenues decreased by 13.7% year-on-year. In June, average Russian oil prices were below the "ceiling" of $60 per barrel, which is why Japan bought a small batch of oil from Russia for about $57.5 per barrel in June for the first time since February 2023.
This and many other topics are covered in Bulletin No. 1633 of the monthly bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas Production and Oil Refining" by the AK&M News Agency dated July 30, 2025.
