INSUBCONTINENT EXCLUSIVE:
Russia increased oil production by 5% in May after one of the steepest drops the previous month under Western pressure over the war in
Ukraine, the Vedomosti business daily reported Friday.Russian crude output last month totaled 43.1 million tons and averaged 10.2 million
barrels per day, Vedomosti cited an unnamed industry source as saying.That marked a 5% increase from 10 million bpd extracted in April, when
Russia saw one of the sharpest falls since the collapse of the Soviet Union
million bpd.On Monday, the European Union agreed to ban 90% of Russian crude by the end of 2022 as part of its sixth sanctions package over
rebound in crude output to new Asian buyers sought after by Russia following U.S
and British sanctions and falling demand in Europe.Global market data provider Refinitiv forecasts Russian oil exports to increase to
900,000 bpd to India and 400,000 bpd to China, senior Alfa Bank analyst Nikita Blokhin said
