Russia’s oil exports slump as Ukraine drone strikes hammer production infrastructure

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Ukrainian long-range drone strikes have knocked out over one million barrels per day of Russian refining capacity, forcing crude production cuts of 300,000 to 400,000 barrels per day as of April. Total Russian output fell to 9.009 million barrels per day by May, marking six consecutive months of declining production. Western-port oil loadings temporarily surged to 2.5 million barrels per day in May before an expected drop to 1.7 million barrels per day in June, representing a 32 percent decline. Ukrainian officials estimated that drone attacks in March alone caused approximately 2.3 billion dollars in revenue losses, while fuel rationing was imposed in several regions due to refinery fires and distribution disruptions. The geographic scope of the strikes has expanded to targets as far as Tatarstan, roughly 1,000 kilometers from the Ukrainian border.

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