Oil production in Russia will fall to a 17-year low – Reuters
The Russian government has significantly lowered its forecast for the country's oil production for 2026–2029 and lowered its estimates for petroleum product exports amid an increase in drone attacks on Russian oil refineries and infrastructure.
According to the updated macroeconomic forecast, production estimates have been reduced by 16–20 million metric tons compared to the May projections. Production is expected to fall by 17.2 million metric tons this year—to 494.2 million metric tons—approaching its lowest level in the past 17 years.
Exports of petroleum products are projected to decline by 27.3 million metric tons this year, to 98.5 million metric tons. Crude oil exports in 2026 may temporarily rise to 244.7 million metric tons, but the figure is expected to fall to 216.6 million metric tons in 2028–2029.
Source: Reuters.
Ukrainian drones simultaneously attacked a Lukoil oil refinery and a Wildberries warehouse in Russia.
As a reminder, the Orsk oil refinery in the Orenburg region of Russia completely halted operations following an attack by Ukrainian drones.
