In August, the global oil market saw mostly neutral price dynamics. During the month, Brent quotes showed a wide range of fluctuations — in the range of about $15. The main driver of the market was geopolitics, the mood fluctuated between the escalation of the conflict and hopes for a diplomatic settlement.
This is stated in issue No. 1688 of the monthly bulletin "Branches of the Russian Economy: manufacturing, finance, securities. Oil and Gas production and Oil refining" dated September 02, 2026.
The fundamental trigger of high prices since the beginning of 2026 remains the partial closure and blockade of the Strait of Hormuz. Any news about the progress of negotiations or the possible return of US diplomats to the region instantly removed overheating from the market, provoking a drop in quotations. Against the background of geopolitical risks, there is a reduction in global commercial oil reserves, which creates a local supply shortage and retains consumer control.
Oil production in Russia in July decreased by an average of 6 thousand barrels per day compared to June. Such data is provided by OPEC. Thus, production in July amounted to 8,887 million barrels per day against 8,893 million barrels per day in June. Despite the increase in oil production quotas under the OPEC+ agreement, Russia has been steadily reducing oil production over the past eight months.
In the first seven months of 2026, gas production in Russia increased by 3.6% compared to the same period last year, to 396.7 billion cubic meters. m. Such data is provided by Rosstat. Natural gas production in Russia in July 2026 amounted to 47.8 billion cubic meters, which is 1.2% higher than in July 2025. According to analysts, by the end of the first seven months of 2026, the actual gas production exceeds the macro forecast plan by 5 billion cubic meters.
The production of liquefied natural gas (LNG) in Russia in July 2026 amounted to 2.3 million tons, which is 14.2% more than a year earlier. In the first seven months of 2026, the output of this product reached 20.6 million tons, an increase of 12% compared to the same period last year.
Russia's revenues from the export of oil and petroleum products in July 2026 amounted to $13.76 billion. This is evidenced by data from the International Energy Agency. Export revenue in July decreased by $1.96 billion compared to June, and by $720 million compared to July last year. The total volume of oil and petroleum products exports from Russia in July amounted to 6.97 million barrels per day, having decreased by 630 thousand barrels per day compared to June and by 420 thousand barrels per day compared to July last year. According to open sources, oil exports from the western ports of Russia in August 2026 will increase by 4% compared to July, reaching 2.7 million barrels per day.
For a more detailed analysis, see Issue No. 1688 of the monthly bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas production and Oil refining" dated September 02, 2026.
