Russia’s Drilling Activity Slumps From Record High Amid OPEC+ Cuts

Russia’s oil industry has slowed drilling activity this year from the record highs seen in 2023, as Moscow is limiting production as part of the OPEC+ deal and working to boost its compliance rate. In the first half of 2024, rigs employed by Russian oil companies drilled a total of 14,370 kilometers (8,930 miles) of production wells in Russia, down by 2.5% compared to January-June 2023, industry data seen by Bloomberg News showed on Friday. Drilling at Russia’s oil production wells likely beat a post-Soviet record in 2023, industry…