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Russia downgraded oil output forecast for this year to a 17-year low and revised fuel exports outlook for 2026 and 2027 due to the war with Ukraine, according to reports

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Russia downgraded its oil output forecast to a 17-year low and cut 2026-2029 production estimates by 16-20 million tonnes due to the Ukraine war.

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The forecasts, which are expected to be finalised at the end of September and are used in drafting the budget, reduced oil production estimates for 2026-2029 by between 16-20mln T.

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