Russia forecasts steady oil output increase in coming years

Alsharq Tribune-AFP 

The Russian Ministry of Economic Development has maintained its forecast of the country's oil production in 2025 at 516 million tons, with continued growth predicted in the 2026-2028 period, local media outlets reported on Tuesday.

Russia's oil output will increase by 1.8 percent to 525.2 million tons in 2026, then rise to 532.6 million tons in 2027 and 540 million tons in 2028, said the reports, citing the ministry's socio-economic development forecasts published online.

Russia's oil exports are expected to decline by 2.08 percent to 240.1 million tons by the end of 2025, with a steady increase projected in the 2026-2028 period.

The ministry also forecasts a 2.8 percent growth in Russia's oil product exports by the end of this year, with volumes reaching 125.9 million tons, followed by a 4.8 percent rise to 132 million tons in 2026.