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Eastern Economic Forum

Russia to slightly cut oil output this year, exports remain stable — deputy PM Novak

Alexander Novak emphasized that the decline in Russian oil production is a temporary trend, and an increase is expected as refineries resume operations

VLADIVOSTOK, September 3. /TASS/. Russia’s oil production will fall modestly by the end of 2026, while exports remain stable, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Eastern Economic Forum (EEF).

"We are currently seeing a partial decline in production volumes compared to forecast figures, which is partly due to the underutilization of refineries due to unscheduled maintenance," he said.

The deputy prime minister emphasized that the decline in Russian oil production is a temporary trend, and an increase is expected as refineries resume operations.

"Exports are stable, and the full capacity of our export infrastructure, which has been expanded in terms of maritime transport over the past few years, is being utilized to the maximum," Novak noted.

The Eastern Economic Forum (EEF) is underway on September 1-4 in Vladivostok on the campus of the Far Eastern Federal University. The main theme of the EEF in 2026 is "The Far East: Development for the Benefit of People." The event is organized by the Roscongress Foundation with the support of the Government of the Russian Federation. TASS is the general media partner.

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Alexander Novak Eastern Economic Forum

Eastern Economic Forum

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