Energy Agency revises Russia's oil production forecast downward following Ukrainian attacks
The International Energy Agency has lowered its forecasts for Russian oil production in 2026 and 2027 due to increased Ukrainian attacks on Russian energy facilities, which have disrupted refining and supply operations. The agency now expects production to reach 8.9 million barrels per day in 2026 and 8.8 million barrels in 2027, down from 9.2 million barrels in 2025. Nonetheless, June saw an increase in Russian oil production to 8.86 million barrels per day, with exports rising to 5.8 million barrels per day. Meanwhile, exports of petroleum products declined to 1.91 million barrels daily, as Russia imposed restrictions on the export of certain fuels to bolster the domestic market.
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