Russia's Oil Output Set for 17-Year Low Amid Drone Attacks
The Russian government has significantly revised its forecast for oil production in the country, predicting it will reach its lowest level in 17 years. According to Reuters, production estimates have been reduced by 16-20 million metric tons compared to May projections. This year, Russia is expected to produce 494.2 million metric tons of oil, a decline of 17.2 million metric tons from previous forecasts. Exports of petroleum products are projected to fall by 27.3 million metric tons this year to 98.5 million metric tons.
Russia's crude oil exports may temporarily rise to 244.7 million metric tons in 2026, but the figure is expected to drop to 216.6 million metric tons in 2028-2029. The decline in production and exports comes amid an increase in drone attacks on Russian oil refineries and infrastructure.