“Russia’s total production, including crude and a light oil called condensate, in April was relatively stable at 10.93 million barrels a day, some 470,000 barrels lower than before the invasion in Ukraine, according to the IEA. The agency revised up its annual estimate for the nation’s production to 10.7 million barrels a day.”

Analyst Comment: Sanctions on Russian oil continue to fail. OPEC has made production cuts to stabilize falling prices and even in that environment, Russia is still moving a lot of oil. Much of this oil is making its way back to Europe through processing by intermediaries like India and China.