Russian Oil Refining Falls to 24-Year Low After Ukrainian Drone Strikes – Bloomberg

Russian oil refining fell in July to its lowest level in more than two decades as Ukrainian drone attacks intensified against refineries, tankers and other energy infrastructure, Bloomberg reported Monday.

Refineries processed an estimated 3.6 million barrels of crude per day last month, the lowest level since May 2002, according to EA Analytics data cited by Bloomberg. That was roughly one-third below the seasonal norm.

Russian refineries processed an average of between 5.3 million and 5.6 million barrels per day during the same period of the year between 2020 and 2025.

The decline highlights the growing impact of Ukraine’s long-range drone campaign on Russia’s oil industry, a crucial source of export revenue for Moscow as the war enters its fifth year. While Russia can redirect some crude to alternative ports, analysts said limited pipeline, storage and tanker capacity could constrain its ability to compensate for disruptions.

Eighteen Russian refineries were targeted in July, including the Omsk refinery, the country’s largest and located more than 2,500 kilometers (1,550 miles) from the Ukrainian border, according to a Bloomberg tally based on statements by Russian and Ukrainian officials.

The previous monthly record of 17 refinery attacks was set in May.