Russian Oil Exports Set for Record as Europe Competition Grows
- Exports rose 4.9% in six months to 5.55 million barrels a day
- Iran also boosts supplied to region after sanctions lifted
An oil drilling tower near Almetyevsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region.
Exports rose 4.9 percent to 5.55 million barrels a day in the first half of the year from the same period in 2015. Russia’s output in June climbed 1.14 percent from a year earlier to 10.843 million barrels a day, with increases every month since July 2014, according to data from the Energy Ministry.