oil production

Russia cuts oil production forecast to 17-year low

Russia's government has lowered its oil production forecast for 2026 to a 17-year low and revised its fuel export projections for 2026 and 2027 downward, citing the impact of the war with Ukraine, Reuters reported on Sept. 1, citing a draft government forecast.

1 September, 06:28 PM

Russia hits Ukrainian oil and gas facilities for third straight day

Russia has attacked companies belonging to the Naftogaz Group for a third consecutive day, targeting facilities in eastern, western and central Ukraine, the company said on Telegram on Aug. 9.

9 August, 07:28 PM

Kazakhstan cuts production as Black Sea oil terminal suspends shipments

Kazakhstan’s oil production fell after the Caspian Pipeline Consortium shut its Black Sea terminal near Novorossiysk, the country’s main crude export hub and a recent target of drone attacks, Reuters reported.

23 July, 03:30 PM

Russia begins production at massive Siberian oil fields once deemed unprofitable

Gazprom group began "full-scale oil production" at the Chonsky group of fields in Eastern Siberia in late May, the news agency Interfax-Russia wrote.

3 June, 10:36 AM

Russia's oil production falls for fourth straight year, hitting lowest level since 2009

Russia's oil production is forecast to decline for a fourth straight year in 2026, hitting its lowest level in 17 years, according to projections from Russia's Ministry of Economic Development cited by The Moscow Times on May 12.

13 May, 05:15 PM

Gulf countries shrink oil production as Iran missiles keep flying

The state-owned Kuwait Petroleum Corporation (KPC) and has begun cutting production and declared force majeure, Reuters reported on March 7.

9 March, 12:49 PM

Bankruptcies hit small Russian oil firms amid U.S. sanctions, price crash

Small oil companies in Russia’s main producing regions have begun filing for bankruptcy as U.S. sanctions have driven Urals crude prices below $40 a barrel, forcing steep discounts and eroding export revenues, The Moscow Times reported on Feb. 17.

17 February, 05:50 PM

OPEC+ to boost oil output by 1.65 million barrels daily

OPEC+ countries, which have raised oil production quotas by 2.5 million barrels per day (2.4% of global demand) over the past six months, are preparing to increase quotas further, Reuters reported on Sept. 3.

3 September 2025, 05:59 PM

Russia targets major growth in LNG exports despite sanctions

Russia has revealed a long-term energy strategy that keeps crude oil production and exports stable over the next 25 years, while aiming to increase liquefied natural gas (LNG) exports by more than five times, Bloomberg reports on April 15.

15 April 2025, 10:57 AM

oil production