Russia's Oil Refining Hits 21-Year Low Amid Ukrainian Strikes
Bloomberg reports that Russian refineries processed an average of 3.91 million barrels of crude per day in July, the lowest level since March 2005, as Ukrainian attacks reduce capacity.
According to Bloomberg, citing data from EA Analytics, a division of Energy Aspects, Russian oil refineries have processed an average of 3.91 million barrels of crude per day so far in July. This is the lowest figure since March 2005 and more than 1.4 million barrels per day below the July average of last year.
The Financial Times previously reported, citing unnamed analysts, that Ukrainian strikes on oil infrastructure may have cost Russia 20–40% of its refining capacity. The attacks are also affecting crude production. Data from the Organization of the Petroleum Exporting Countries (OPEC) shows that Russia's crude output fell to 8.928 million barrels per day in June, the lowest since at least February 2024.
These figures indicate a significant weakening of Russia's oil sector due to ongoing Ukrainian strikes on refineries and other facilities. The reduced production and refining impact both Russia's domestic market and global oil prices.
