Russia cuts oil and gas forecasts amid sanctions and attacks in Oil & Companies News 15/05/2026 Russia has lowered its oil and gas production and export forecasts for the next three years, the economy ministry said on Monday in its base case scenario. Oil and gas tax revenue account for around a quarter of Russia’s federal budget proceeds, while Russia taxes oil output, not its exports. The downgrade of the oil and gas outlook is reflected in the broader economy downward revision amid high military spending, interest rates and Western sanctions over Ukraine. The country has faced challenges to its oil and gas industry, including Western sanctions and Ukrainian drone attacks on its energy infrastructure, which led to oil output decline in early April, Reuters had reported. In the base case scenario, oil and gas condensate production has been revised down for this year to 511 million metric tons, or 10.22 million barrels per day, from an earlier forecast of 525.2 million tons and broadly on par with 511.4 million tons Russia produced in 2025. The outlook for subsequent years has also been scaled down. Crude exports under the base-case scenario were scaled down by 4.5 million tons this year to 237.2 million tons from the previous forecast and by 16.5 million tons to 227.4 million tons next year. Source: Investing.com 2026-05-15 hellenicshippingnews... tweet Share