Russian Oil Refining Falls to 24-Year Low After Intensified Ukrainian Drone Campaign

Russian refineries processed an estimated 3.6 million barrels per day in July, the lowest level since May 2002 and roughly one-third below the 5.3-5.6 million bpd norm for the period between 2020 and 2025, according to EA Analytics data cited by Bloomberg 12. Bloomberg's tally, based on Russian and Ukrainian officials' statements, counted 18 refinery strikes in July, up from the previous monthly record of 17 in May, including on the Omsk plant, Russia's largest refinery with 440,000 bpd of capacity, more than 2,500 kilometers from the Ukrainian border, and 30 total attacks on oil infrastructure for the month, second only to 32 in May 1. Five large tankers, five port facilities and two pipelines were also targeted; only four tankers loaded crude at Novorossiysk in the week ending July 26 versus 7-8 in prior weeks, and Kazakhstan's Energy Ministry denied reports that the Caspian Pipeline Consortium terminal could halt operations entirely after loading was suspended following strikes on two vessels on July 30. Moscow separately extended its diesel and gasoline export bans into 2027 to guard against domestic shortages 1. Carnegie Russia Eurasia Center fellow Sergei Vakulenko told Bloomberg that Ukrainian forces shifted focus from refineries to tankers before returning to refinery strikes in the final week of July, while Rystad Energy's Jorge Leon said Russia's spare pipeline, storage and tanker capacity is unlikely to fully absorb volumes redirected from Black Sea ports 2.