Reuters first to report Russian output falls to three-year low as oil rivals clash

Reuters was first to report that Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft and the country’s biggest producer Rosneft. Transneft had imposed restrictions on how much oil Rosneft could deliver into the pipeline network. The production drop first reported by Reuters was cited by analysts as a factor that pushed the oil price to above $64 per barrel.