Russia’s Oil Drilling Slips From Record Amid OPEC+ Curbs
- Drilling in first half of 2024 down 2.5% from a year earlier
- Russia has deepened its OPEC+ production cuts this year
This article is for subscribers only.
Russia’s oil firms have reduced pace of drilling from last year’s record as the nation deepened its OPEC+ production cuts.
Rigs drilled 14,370 kilometers (8,930 miles) of production wells in Russia from January to June, 2.5% lower than the same period a year ago, according to industry data seen by Bloomberg News. The slowdown follows Moscow’s voluntary cooperation with several nations of the Organization of Petroleum Exporting Countries, including Saudi Arabia, to stabilize global oil market.