The 1693 th issue of the bulletin "Branches of the Russian Economy: Production, Finance, securities. Oil and Gas production and Oil refining" of the AK&M News Agency.
In September, the global oil market saw an accelerating rise in prices due to an acute shortage of supply. The quotes of the Brent North Sea benchmark exceeded the $100 mark in early September, and by the middle of last month showed annual highs. The main growth factor was the aggravation of the situation around the Strait of Hormuz. According to the International Energy Agency (IEA), the world's observed oil reserves are declining at a rate of about 3 million barrels per day. Since the beginning of the year, volumes have decreased by more than 0.5 billion barrels. The G7 countries have attempted to smooth out the price increase by releasing raw materials from strategic reserves, which has led to their rapid depletion. The shortage of finished petroleum products exerted additional pressure on the market. It was caused by the ongoing attacks on Russian oil refineries and Russia's extension of the ban on diesel fuel exports. China, having exhausted its previously accumulated reserves, returned to active purchases of raw materials on the open market. Economists have revised the average forecast for Brent for the rest of the year upward. Analytical agencies expect the market to return to surplus and logistics routes to stabilize no earlier than the second quarter of 2027.
Oil production in Russia in August decreased by an average of 160,000 barrels per day compared to July. Such data is provided by OPEC. Thus, production in August amounted to 8.718 million barrels per day against 8.877 million barrels per day in July. Despite the increase in oil production quotas under the OPEC+ agreement, Russia has been steadily reducing its oil production since December 2025. In turn, the International Energy Agency claims that in August 2026, oil production in Russia decreased by 200,000 barrels per day compared to July, amounting to 8.36 million barrels per day.
In the first eight months of 2026, gas production in Russia increased by 3.4% compared to the same period last year, to 446.5 billion cubic meters. m. Such data is provided by Rosstat. Natural gas production in Russia in August 2026 amounted to 41.3 billion cubic meters, which is 1.1% higher than in August 2025, while associated petroleum gas production increased by 4.5 YoY to 8.5 billion cubic meters. Liquefied natural gas (LNG) production in Russia in August 2026 amounted to 2.5 million tons, which is 29.7% more than a year earlier. In the first eight months of 2026, the output of this product reached 23.1 million tons, an increase of 13.7% compared to the same period last year. The Ministry of Economic Development lowered the forecast of gas production in Russia for 2026 from 688.4 billion cubic meters to 683.1 billion cubic meters.
Russia's revenues from the export of oil and petroleum products in August 2026 amounted to $13.87 billion. This is evidenced by data from the International Energy Agency. Export revenue in August increased by $330 million compared to July. Oil exports in the reporting month amounted to 5.18 million bpd. This is 330 thousand b/d less than in July, but 450 thousand b/d more than in August 2025. Supplies of petroleum products decreased to 1.26 million b/d, which is 80 thousand b/d less than in July and 1.29 million b/d lower than in August last year. Oil export revenues totaled $11.28 billion in August, an increase of $370 million compared to July.
This and many other topics are covered in Bulletin No. 1693 of the monthly bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas Production and Oil Refining" by the AK&M News Agency dated October 07, 2026.
