Oil production in Russia to remain at 511 mln tons in 2026, in line with 2025

MOSCOW, May 12. /TASS/. Oil and condensate production in Russia under the baseline scenario in 2026 will remain virtually unchanged from 2025 at 511 mln tons compared with 511.4 mln tons a year earlier, while the estimate has been lowered by 2.7% compared with the previous forecast, according to the scenario conditions of the forecast for Russia’s socio-economic development for 2027 and the planning period of 2028-2029, which were reviewed by the government and published on the website of the Ministry of Economic Development of Russia. Under the baseline scenario, the ministry expects production to rise to 516 mln tons in 2027 and to total 525 mln tons in both 2028 and 2029. In its September forecast, the ministry expected oil and condensate production in 2026 at 525.2 mln tons, in 2027 at 532.6 mln tons and in 2028 at 540 mln tons. As a ministry representative told reporters, the oil volume parameters were slightly reduced compared with the previous forecast, including due to the 2025 baseline. The conservative forecast scenario assumes a decline in production this year by 2.8% to 497.2 mln tons, followed by 502.2 mln tons in 2027, 507.2 mln tons in 2028 and 512.2 mln tons in 2029.