Russian Oil Refining Craters to 24-Year Low Amid Ukrainian Drone Strikes

Russian oil refining has plummeted to its lowest level in over two decades due to Ukrainian drone strikes, according to EA Analytics data cited by Bloomberg. Refineries processed an estimated 3.6 million barrels of crude per day last month, a decline of roughly one-third from the seasonal norm.

The attacks have had a significant impact on Russia's oil industry, which is a crucial source of export revenue for Moscow as the war enters its fifth year. Eighteen Russian refineries were targeted in July, including the Omsk refinery, the country's largest and located more than 2,500 kilometers from the Ukrainian border.

The previous monthly record of 17 refinery attacks was set in May. Five large tankers, five pieces of port infrastructure, and two pipelines were also targeted in July. Bloomberg counted 30 attacks on oil infrastructure during the month, the second-highest total after 32 in May.