Russia Cuts 2026 Oil Output Forecast to 17-Year Low

Reuters reports that Russia has slashed its 2026 oil production forecast to 494.2 million tons — about 9.88 million barrels per day — the lowest level since 2009. Draft government forecasts seen by Reuters show the war in Ukraine, Western sanctions, and Ukrainian drone strikes on energy infrastructure are taking a serious toll on Moscow's oil sector. Projected output for 2026-29 was also cut by 16-20 million tons from May estimates. Fuel exports are expected to drop by 27.3 million tons this year to 98.5 million tons, while shrinking refinery capacity is pushing more Russian crude toward buyers in China and India. The figures underscore how sanctions and Kyiv's strikes continue to squeeze the Kremlin's war-funding energy revenues.