Russian Oil Output Falls Again In June

Russian oil production declined in June, bringing the world's second-largest crude exporter closer to its first annual drop in output since 1998. Production fell to 9.77 million barrels a day (40 million metric tons a month), 1 percent less than in June last year, according to data released by CDU TEK, the dispatch center for the Energy Ministry. Compared with May, output was up 0.2 percent. There is increasing speculation that Russia's output may have peaked as producers struggle with ageing fields, rising costs and increasingly remote new deposits.