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Novak Claims Russian Oil Exports Capacity to Boost into 2026

OIL

Russian oil export capacity at its key western and eastern ports will grow by 32mn tons per year (or 640kbd) by 2026 according to Deputy Prime Minister Alexander Novak.

  • Novak placed Russia’s oil production at 527mn tons this year - down 7mn tons compared to 2022.
  • He referred to the domestic fuel market as now “stabilized” after the recent export ban restrictions with supply now fully meeting demand.
  • Russia is not planning to lift current restrictions on winter diesel exports but considers easing measured during the summer months, Russia’s Energy Minister Nikolai Shulginov said earlier.
  • Novak followed this up saying that Russia may lift diesel export restrictions “soon.”
  • Russia plans to export 22bcm of gas to China via the Power of Siberia gas link this year while flows via this route will reach full capacity of 38bcm/year in 2025.
Energy BulletsCommodities
Energy BulletsCommodities

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