Estimate of Russian oil exports in 2026 raised by 7.5 mln tonnes to 244.7 mln tonnes

MOSCOW. Sept 24 (Interfax) - The estimate of oil exports from Russia in 2026 has been raised to 244.7 million tonnes compared to 237.2 million tonnes expected in May of the current year, a representative of the Economic Development Ministry told Interfax.

These figures are contained in the macroeconomic forecast for 2026-2029, considered on Thursday at a government meeting, the representative said.

Russian oil exports amounted to 230.8 million tonnes in 2025, the ministry said.

The forecast for oil exports in 2027 is 232.5 million tonnes (baseline estimate of the May forecast: 227.4 million tonnes), 216.6 million tonnes in 2028 (May forecast: 236.3 million tonnes), and the 2028 level is expected to be maintained in 2029.

Also in May, the Economic Development Ministry's macroeconomic forecast assumed that Russian oil production in 2026 is expected at the level of 511 million tonnes per year (including condensate). According to the ministry, 511.4 million tonnes of oil were produced in 2025. The figure was 516 million tonnes in 2024.

The May forecast assumed oil production growth to 516 million tonnes in 2027, to 525 million tonnes in 2028, and also 525 million tonnes in 2029.