Russian oil output slightly lagging forecast due to drop in refining, exports stable - Novak

VLADIVOSTOK. Sept 3 (Interfax) - Oil production in Russia is currently somewhat lower than the forecast for this year due to the decrease in crude refining, but it will be ramped up as refineries are restored, Deputy Prime Minister Alexander Novak said.

"We are partly seeing a decline in [oil] production volumes now compared to forecast figures, including due to underutilization of oil refineries because of unscheduled repairs," Novak told reporters on the sidelines of the Eastern Economic Forum (EEF).

"This is a temporary phenomenon. In principle, as refineries come on line and the situation stabilizes, production will increase," he said.

Oil exports, however, remain stable, he said. "All the capacity of our export infrastructure, which has been expanded in the area of marine transport, including in the last few years, is being used to the utmost. And pipeline [transport] also, but this primarily applies to Kozmino," Novak said.

Russia does not currently disclose data on oil production. The current version of the Economic Development Ministry's macroeconomic forecast projects production of 511 million tonnes, including condensate, for this year, which is equivalent to 10.22 million barrels per day.

Novak said that a new version of the document will be drafted in the coming weeks, but he did not specify which forecasts will be revised.

Russia's current production quota under the OPEC+ deal is 9.949 million bpd, not including condensate. According to OPEC data, which are based on information from several secondary sources, Russia produced about 8.9 million bpd (without condensate) in July, which was 937,000 bpd less than the permitted amount at the time.

Russia produced 512 million tonnes, or 10.24 million bpd, of oil in 2025, which was 0.8% less than a year earlier.