HomeEverythingEducation
Equities & FundsCrypto & Digital AssetsAI & TechnologyBusiness & CorporateUS Politics & PolicyGeopolitics & Global RiskMacro, Rates & FXCommodities & EnergyEuropean Politics & MarketsAsia-PacificReal Estate & Property
Story archiveAll categories
← All Stories

Russia oil output hits one-year low amid Ukrainian strikes

Created at 11 Jun · 5:35 PM3 sources↑ Market-relevant2 events
IN SHORT

Russia's crude oil production fell to its lowest level in a year in May, averaging 9.009 million barrels per day. This decline is attributed to intensified Ukrainian strikes on Russian energy infrastructure, with Kyiv aiming to disrupt Moscow's war financing.

✉Newsletter

PiQ Daily

Pick your topics. Get only what matters, on your cadence.

Key Numbers

9.009 millionbarrels per day average crude output in May
690,000barrels per day below OPEC+ target
31Ukrainian strikes on Russian energy infrastructure in May
two decadeslowest crude-processing rates in Russia
71%fall in Russian military cargo traffic to Crimea
180,000Russian military targets struck by Ukrainian drones in May
12.7%increase in drone strikes from April to May
1,5-to-1FPV drone operations advantage for Ukraine over Russia
4,000Russian Shahed-type drones intercepted in May
12,500ground robotic system missions completed in May
2,000mid-range system strikes by Ukraine in May
33Ukrainian drones intercepted over Sevastopol on June 11

Who's Involved

OPEC
Organization of the Petroleum Exporting Countries, published data on Russian oil output
Bloomberg
Provided analysis of OPEC data and Russian crude-processing rates
EA Analytics
Provided estimates on Russian crude-processing rates
Energy Aspects Ltd
Parent company of EA Analytics
Robert Brovdi
Commander of Ukraine's Unmanned Systems Forces, known as 'Madyar'
Reuters
Published an interview with Commander Robert Brovdi
Andrii Kovalenko
Head of Ukraine's Center for Countering Disinformation
Oleksandr Syrskyi
Commander-in-Chief of Ukrainian forces, reported drone strike statistics
Mikhail Razvozhayev
Sevastopol's Russian-installed proxy head, reported drone interceptions
Russia oil output hits one-year low amid Ukrainian strikes

↳ Why This Matters

The reduction in Russia's oil output and processing capacity directly impacts its primary source of export revenue, potentially limiting its ability to finance the ongoing war in Ukraine. The success of Ukraine's strikes also highlights a growing technological advantage in drone warfare and its strategic impact on Russian logistics and energy infrastructure.

Key facts

  • Russia's crude oil production reached a one-year low in May, averaging 9.009 million barrels per day.
  • This output level was 690,000 barrels per day below Russia's OPEC+ production target.
  • Ukraine conducted at least 31 strikes on Russian energy infrastructure in May, the highest monthly total since the invasion began.
  • Russian crude-processing rates have fallen to their lowest level in two decades as of June.
  • Ukraine aims to isolate Crimea by disrupting Russian supply routes, with cargo traffic on a key highway falling 71%.

Russia's crude oil production in May fell to its lowest level in a year, averaging 9.009 million barrels per day, according to data published by the Organization of the Petroleum Exporting Countries (OPEC). This decline represents a significant drop from April levels and falls 690,000 barrels per day below Russia's target under the OPEC+ agreement.

The decrease is largely attributed to an intensified campaign of Ukrainian strikes targeting Russia's energy infrastructure. In May alone, Ukrainian forces reportedly conducted at least 31 attacks on Russian refineries, oil export terminals, and pipeline infrastructure, the highest monthly total since the start of the full-scale invasion. Kyiv has stated that these attacks are aimed at crippling Moscow's ability to finance the war.

Estimates suggest that Russian crude-processing rates have fallen to their lowest point in two decades as of June. One notable incident occurred on June 11, when a fire broke out at the Afipsky Oil Refinery in Krasnodar Krai following a suspected Ukrainian drone strike. This facility is one of the largest refineries in southern Russia.

Beyond direct attacks on oil facilities, Ukraine is also focusing on disrupting Russian logistics. Commander of Ukraine's Unmanned Systems Forces, Robert Brovdi, stated that efforts are underway to isolate occupied Crimea by disrupting key supply routes. He indicated that military cargo traffic on a crucial highway connecting Russia with Crimea has decreased by 71% in the past two weeks due to Ukrainian strikes.

Overnight on June 11, multiple explosions were reported across occupied Crimea, with Ukrainian forces reportedly targeting military facilities and damaging several bridges. Russian-installed officials claimed air defenses intercepted 33 drones over Sevastopol, with one civilian injured and some residential buildings damaged, though no critical infrastructure damage was reported by these officials.

Commander-in-Chief Oleksandr Syrskyi reported that Ukrainian drone units struck nearly 180,000 Russian military targets in May, an increase from April. He highlighted Ukraine's growing technological advantage in drone warfare, stating a 1.5-to-1 advantage in FPV drone operations and the interception of approximately 4,000 Russian Shahed drones. Syrskyi also noted the increasing use of ground robotic systems and mid-range strike systems by Ukrainian forces.

Frequently asked questions

Russia's crude oil production in May hit a one-year low, averaging 9.009 million barrels per day.

The decrease is attributed to intensified Ukrainian strikes on Russian energy infrastructure, including refineries and oil terminals.

Kyiv aims to reduce Moscow's ability to finance the war against Ukraine and to isolate occupied Crimea by disrupting supply routes.

Ukrainian forces reportedly hold a 1.5-to-1 advantage in FPV drone operations over Russian troops and struck nearly 180,000 Russian military targets in May.

What Happens Next

01Ukraine aims to further disrupt Russian logistics and isolate Crimea.
02Further Ukrainian strikes on Russian energy infrastructure are anticipated.
03Monitoring of Russian oil production and processing rates will continue.

Get the newsletter.

Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.

Cadence
CME Headlines
  • Live Cattle futures fell as liquidation trend extended.
    8 Jul · 8:17 PM
  • Live Cattle futures fell as liquidation trend extended.
    8 Jul · 8:17 PM
  • Grain futures turned lower as wheat snapped six-day rally.
    8 Jul · 8:06 PM

How It Developed

Russia's oil output hit a one-year low in May due to intensified Ukrainian strikes on its energy infrastructure.
Russian producers pumped an average of 9.009 million barrels of crude per day in May.
The figure was 690,000 barrels per day below Russia's production target under the OPEC+ agreement.
Ukrainian forces carried out at least 31 strikes against Russian refineries, oil export terminals, and pipeline infrastructure in May.
Kyiv stated its attacks on Russian oil facilities aim to reduce Moscow's ability to finance the war.
Russian crude-processing rates have fallen to their lowest level in two decades so far in June.
A fire broke out at the Afipsky Oil Refinery in Russia's Krasnodar Krai following a reported Ukrainian drone strike on June 11.
Ukraine aims to isolate occupied Crimea from Russia by disrupting key military supply routes.

Sources

T1
Russia's oil output falls to one-year low amid Ukrainian strikesThe Kyiv Independent
T1
Ukraine war latest: Russia's oil output falls to one-year low amid Ukrainian strikesThe Kyiv Independent
T1
⚡️Russia's oil output falls to one-year low amid Ukrainian strikes. Ukrainian forces carried out at least 31 strikes against Russian refineries, oil export terminals, and pipeline infrastructure in May, the highest monthly total since the start of Russia's full-scale invasion.@KyivIndependent via PiQSuite

Related Stories

Ukraine drone strikes cripple Russian fuel supply, bringing war home
8 Jul · 8:10 AM
US Diesel Futures Jump on Russia Export Ban Amid Refinery Attacks
8 Jul · 5:45 PM
Russia fuel crisis spills to Central Asia as drone strikes bite
9 Jul · 1:40 AM
Oil Prices Surge Above $76 as US Strikes Iran Amid Strait of Hormuz Tensions
9 Jul · 5:40 AM
Chevron licenses chemical tech to rivals to boost shale oil output
8 Jul · 12:04 PM