Russian Deputy PM Novak says he sees the country’s oil output at 515mln tons in 2026 (prev. 512mln Y/Y)

Deputy PM Novak's projection for Russian oil output at 515 million tons in 2026, slightly above previous estimates, suggests a modest uptick in supply. This could have implications for global oil prices, especially as markets assess Russia's capacity in the face of ongoing sanctions and geopolitical tensions. Be on the lookout for potential shifts in WTI prices and related markets as these estimates may influence sentiment and supply expectations.