Russia Cuts Oil Production Forecast Amid Ukraine War Impact

Russia's government has lowered its oil production forecast to a 17-year low, citing the impact of the war with Ukraine. The country's crude oil exports could reach 244.7 million tons this year, up 7.5 million tons from 2025.

However, crude oil exports are expected to fall to 232.5 million tons in 2027 and drop sharply to 216.6 million tons in 2028-2029. Fuel exports will also decline, with Russia's government forecasting a 27.3 million-ton drop this year to 98.5 million tons.

To address domestic shortages, Russia has imposed a ban on diesel fuel exports, along with restrictions on foreign sales of gasoline and aviation fuel. The country has also begun importing gasoline from India, Kazakhstan, and Morocco.