Russian oil refining fell in July to its lowest level in more than two decades as Ukrainian drone attacks intensified against refineries, tankers and other energy infrastructure, Bloomberg reported Monday. Refineries processed an estimated 3.6 million barrels of crude per day last month, the lowest level since May 2002, according to EA Analytics data cited by Bloomberg. That was roughly one‑third below the seasonal norm. Russian refineries processed an average of between 5.3 million and 5.6 million barrels per day during the same period of the year between 2020 and 2025.

The decline highlights the growing impact of Ukraine’s long‑range drone campaign on Russia’s oil industry, a crucial source of export revenue for Moscow as the war enters its fifth year. While Russia can redirect some crude to alternative ports, analysts said limited pipeline, storage and tanker capacity could constrain its ability to compensate for disruptions. Eighteen Russian refineries were targeted in July, including the Omsk refinery, the country’s largest and located more than 2,500 kilometres from the Ukrainian border.

If eight tankers linked to the CPC terminal are included, July would rank as the busiest month for attacks on oil assets connected to Russia, Bloomberg said. Oil loading at the CPC terminal was subsequently suspended, although the CPC’s shareholders include Russian and Kazakh entities as well as major international oil companies such as Chevron and Exxon Mobil.

The outlook for Russian oil refining and exports will depend partly on how many drones Ukraine has available and which targets it chooses to prioritize, said Sergei Vakulenko, a senior fellow at the Carnegie Russia Eurasia Center in Berlin.