Russia forecasts 494 million tonnes of oil production for 2026

Russia has adjusted its energy production forecasts, with oil output for 2026 projected to reach 494 million tonnes. Russian Minister of Economic Development Maxim Reshetnikov expects production to rise to 500 million tonnes in 2027 and potentially reach 505 million tonnes during the 2028–2029 period.

In the natural gas sector, draft economic forecasts indicate that 2026 production is expected to reach 683.1 billion cubic meters. This is a downward revision from the 688.4 billion cubic meters projected in May, though it remains higher than the 662.7 billion cubic meters produced in 2025.

These adjustments come as the Russian energy industry adapts to shifting trade flows following the deterioration of economic relations with the West. Pipeline gas exports to Europe, formerly a major revenue source, have seen a significant decline compared to pre-2022 levels. While Moscow has expressed readiness to resume supplies to Europe, the European Union plans to end all Russian gas imports by 2027.