Energy Agency lowers Russia's oil production forecasts following Ukrainian attacks

The International Energy Agency forecasted a decline in Russian oil production over the current and upcoming years due to ongoing Ukrainian attacks on energy facilities. They reduced their estimates by 85,000 barrels per day in 2026 and 150,000 barrels per day in 2027. Nonetheless, production in June slightly increased to 8.86 million barrels per day, with exports rising to 5.8 million barrels per day after Russia imposed a ban on the export of certain fuels to bolster the domestic market. The agency expects Russia's production to reach about 8.9 million barrels per day in 2026, down from 9.2 million barrels in 2025, amid escalating attacks on energy infrastructure.

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