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Russia Says 2026 Oil Output Will Dip While Exports Stay Stable

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Courtroom-sketch editorial illustration of an oil pumpjack; general energy-market context.
AI courtroom sketch of an oil pumpjack; general energy-market context. Adapted from the credited reference. Pump Jack (8744524982).jpg — National Institute for Occupational Safety and Health (NIOSH) from USA; Public domain.

Russian Deputy Prime Minister Alexander Novak said Russia’s oil production would fall modestly by the end of 2026 while exports remained stable. Speaking at the Eastern Economic Forum in Vladivostok, Novak attributed output running below forecast to refinery underuse caused by unscheduled maintenance. He described the decline as temporary and said production should rise as refineries return to service. Novak also said Russia’s maritime and pipeline export infrastructure was fully utilized, specifically mentioning the Pacific port of Kozmino on Russia’s eastern coast.

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