Russia's Oil Production Plunges Amid Ukrainian Drone Strikes

Russia's oil production declined sharply in August due to Ukrainian drone strikes on Russian oil refineries and export infrastructure. According to OPEC, Russia produced 8.718 million barrels of crude oil per day, a drop of 160,000 barrels from the revised July average.

This marks the largest monthly decline since December when oil production began to fall. The decrease is also 1.17 million barrels below the target set for August under the OPEC+ agreement.

The strikes on Russian oil refineries forced facilities to reduce oil processing, while attacks on export infrastructure prevented major oil companies from redirecting excess crude for export.