Russia Fails to Meet Promised Oil Production Cuts, China Becomes Top Importer

Russia has failed to cut its oil production by 500,000 bpd as promised and may even be looking to boost output to compensate for lost revenues, according to the International Energy Agency. Russian crude oil and oil product exports hit 8.3 million bpd in April, the highest level since the invasion of Ukraine, despite expectations that Russia would lower supply to the market. Russian oil export revenues increased by $1.7 billion month-on-month to $15 billion in April, but they were down by 27% compared to a year ago.