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Russia Says 2026 Oil Output Will Dip While Exports Stay Stable

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Courtroom-sketch editorial illustration of Russian Deputy Prime Minister Alexander Novak in glasses, a dark suit, and pale-blue tie, framed through vertical blue, white, and red bands, rendered in warm ochre and slate-blue pastel strokes.

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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