Russian oil output drops to 17-year low

Russia has lowered its oil production forecasts for this year to the lowest level in 17 years, due to the repercussions of the war with Ukraine, with output declining to approximately 494.2 million tons, the lowest since 2009. Despite this, oil crude exports increased to 244.7 million tons, owing to a decrease in fuel production resulting from attacks on refineries and restrictions on diesel and gasoline exports. Production is expected to gradually recover to around 500 million tons in 2024, but it will remain below 2025 levels, as export restrictions on fuels continue to cope with domestic supply shortages.