Forecast for Russia's oil production in 2026 is 515 mln tones, but it may be adjusted - deputy PM

MOSCOW. April 10 (Interfax) - Oil production in Russia may amount to 515 million tonnes in 2026, but this forecast is still uncertain, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Our Contribution award ceremony.

"Our forecast is 515 [million tonnes of oil production]. It may be adjusted either up or down. Only the first quarter has passed, there are still eight months ahead," Novak said.

Novak previously said that oil and condensate production in Russia amounted to 512 million tonnes in 2025. The authorities therefore currently forecast an increase in this figure within 1% in 2026.

At the end of March, Novak said that Russian companies have the ability to increase oil production, but this requires investment and time. The process is gradual rather than fast, he said.

According to Russia's current medium-term macroeconomic forecast, the estimate for oil production in 2026 is 525.2 million tonnes, for 2027 it is 532.6 million tonnes and for 2028 it is 540 million tonnes. The authorities plan to update this document in April.