Russia plans to increase oil exports from western ports to almost 2 million bpd in August, following a reduction in refinery activity.

Russia is targeting an increase in oil exports from its western ports to nearly 2 million barrels a day in August, 200,000 bpd more than earlier estimates, after two refineries cut back operations because of Ukrainian attacks. The expansion could weigh on global oil prices amid a production increase agreed by OPEC+. The affected refineries, Ryazan and Novokuibyshevsk, will need time for repairs, and Washington is putting pressure on India to cut Russian oil imports.