Russian oil production expected to fall 3.36% to 494.2 mln tons in 2026 — ministry

Russian oil production expected to fall 3.36% to 494.2 mln tons in 2026 — ministry Under the baseline scenario, the ministry expects production to rise to 500 mln metric tons in 2027MOSCOW, September 24. /TASS/. Russia’s oil and condensate production is expected to fall by 3.36% from 2025 to 494.2 mln metric tons in 2026 under the baseline scenario, while the estimate has been lowered by 3.3% from the previous forecast, according to Russia’s socioeconomic development forecast for 2027 and the 2028-2029 planning period prepared by the Economic Development Ministry. Under the baseline scenario, the ministry expects production to rise to 500 mln metric tons in 2027 and reach 505 mln metric tons in both 2028 and 2029. The ministry previously expected oil and condensate production to total 511 mln metric tons in 2026, 516 mln metric tons in 2027, and 525 mln metric tons in 2028. The conservative scenario also projects a decline in production, to 494.2 mln metric tons this year, 487 mln metric tons in 2027, 483 mln metric tons in 2028, and 480 mln metric tons in 2029. 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