In June-July, the global oil market experienced mainly accelerating price growth. The resumption of the Middle East conflict sent oil prices up again after reaching a local low in early July amid a short-term truce between the United States and Iran. This is stated in the 1683rd issue of the bulletin "Branches of the Russian Economy: manufacturing, finance, securities. Oil and Gas Production and Oil Refining" dated June 29, 2026.
Amid the breakdown of peace talks between the United States and Iran and significant restrictions on shipping in the main logistics arteries, investors' concerns about a shortage of oil supplies to the world market are increasing, which leads to an increase in oil prices. OPEC notes increased volatility in the oil futures markets in the first half of 2026. Volatility was exacerbated by the actions of speculators and fund managers, who adjusted positions depending on changing expectations regarding oil prices. Although the market is adapting to the situation by restructuring logistics chains, reducing demand under pressure from high prices, and using up countries' reserves, the balance between supply and demand remains tense.
Oil production in Russia in June decreased by an average of 61 thousand barrels per day compared to May. Such data is provided by OPEC. Thus, production in June amounted to 8,928 million barrels per day against 8,989 million barrels per day in May. Despite the increase in oil production quotas under the OPEC+ agreement, Russia has been steadily reducing oil production over the past seven months.
In the first half of 2026, gas production in Russia increased by 4% compared to the same period last year, to 348.9 billion cubic meters. m. Such data is provided by Rosstat. Natural gas production in Russia in June 2026 amounted to 47 billion cubic meters, which is 1.7% higher than in June 2025. According to analysts, according to the results of the six months of 2026, the actual gas production exceeds the macro forecast by 4 billion cubic meters. The production of liquefied natural gas (LNG) in Russia in June 2026 amounted to 2.6 million tons, which is 12.5% more than a year earlier. This is the maximum production volume in the history of the industry. In the first six months of 2026, production reached 18.2 million tons, which is 10.7% more than last year's level.
Russia's revenues from the export of oil and petroleum products in June 2026 decreased by almost $ 5 billion compared to May. This is evidenced by data from the International Energy Agency. Exports of oil and petroleum products from Russia in June amounted to 7.71 million barrels per day (b/d), which is 390 thousand b/d more than in the previous month and 490 thousand b/d higher than in June 2025. In particular, oil exports increased by 620 thousand b/d compared to May and by 1.12 million b/d compared to June 2025, to 5.8 million b/d. This is the highest value since 2022.
For a more detailed analysis, see Bulletin No. 1683 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 June 29, 2026.
