Russia says oil production expected to increase
Xinhua
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MOSCOW, June 4 (Xinhua) -- Russian oil production is expected to recover to previous levels as refineries resume operations following unplanned repairs, Russian Deputy Prime Minister Alexander Novak said on Thursday.

Photo taken on June 2, 2017 shows a plant of the Udmurtia Petroleum Corp project in Udmurtia, a republic in western Russia. (File photo: Xinhua)

Speaking on the sidelines of the St. Petersburg International Economic Forum, Novak said Russia is maximizing the use of its export infrastructure and expects oil output to rebound as refineries resume operations.

He noted that several Russian refineries are currently undergoing unplanned maintenance, adding that the country's current oil output remains below the level recorded at the beginning of 2026.

Despite the decline in production, Novak said Russia's domestic fuel market remains stable, with prices at most gas stations operated by vertically integrated companies rising within the inflation rate.

He said the global market has yet to fully feel the impact of the energy crisis linked to the ongoing conflict in the Middle East.

"If the conflict is prolonged, oil production in the Gulf countries will not increase... That could lead to a deficit within a few months," Novak said.