Russia has lowered its gas production and export forecasts while raising oil export projections for 2025, as the fallout from the war in Ukraine and strained relations with the West continue to weigh on its energy sector

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new US sanctions on Russian producers and ships curb supplies to Moscow’s top customers

Russia’s oil production fell to 10.41 million barrels per day (bpd) during the period from Aug. 1 to 23, from 10.46 million bpd in July