31 strikes in one month: Russia's oil output falls to annual low

Russia's crude oil output fell to its lowest level in a year in May amid a record series of Ukrainian strikes on oil refining, export, and pipeline infrastructure.

Source: Bloomberg

Details: According to OPEC data based on secondary sources, Russian companies produced an average of 9.009 million barrels of oil per day in May – 690,000 barrels per day below the level Russia was required to maintain under its OPEC+ agreement.

In May, Ukraine carried out at least 31 strikes on Russian oil refineries, maritime export terminals and pipeline infrastructure, the highest monthly figure since the start of the full-scale invasion.

As a result of strikes on fuel production facilities, oil refining in Russia fell in June to its lowest level in two decades, as EA Analytics estimates. Russian producers have begun directing more crude to export: average four-week maritime exports to 31 May rose to 3.64 million barrels per day, up from 3.17 million barrels per day in the four weeks to 17 April.

Background: The Rosneft oil refinery in Kuibyshev suspended oil processing on 10 June following a Ukrainian drone attack, according to two industry sources cited by Reuters.

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