Russian oil refining falls to 24-year low after Ukrainian drone strikes
Ukrainian drones struck 18 Russian refineries in July, a new monthly record, including the Omsk plant more than 2,500 kilometers from the border. Refineries processed just 3.6 million barrels a day, the lowest level since May 2002, forcing Moscow to extend its fuel export ban int
Russian oil refineries posted their weakest output in 24 years in July, as Ukraine's drone campaign expanded from refineries to tankers, pipelines and ports. Refineries processed an estimated 3.6 million barrels a day, roughly a third below the seasonal average, after 18 refineries were struck including the Omsk plant, Russia's largest. Ukrainian forces also hit five tankers, five pieces of port infrastructure and two pipelines, bringing July's total to 30 attacks on oil assets. Moscow extended its fuel export ban into 2027 as loadings at the Black Sea port of Novorossiysk dropped by half. Source: Bloomberg via The Moscow Times and OilPrice.com (Aug 3, 2026).