Oil output fell by 160,000 barrels per day in August
In August, Russia reduced crude oil production to 8.718 million barrels per day, marking the largest monthly decline since December. This drop occurred against the backdrop of persistent Ukrainian attacks on Russian oil refineries and export infrastructure. This was reported by RBC-Ukraine (Юлія Маловічко) citing Bloomberg, according to the portal PromPolitInform.
According to a report by the Organization of the Petroleum Exporting Countries, production volumes were significantly lower than anticipated under agreements with OPEC+ partners. The actual output fell short of quotas by 1.17 million barrels per day.
Impact of Ukrainian operations
Experts attribute the negative trend to the intensification of Ukraine’s strikes against the Russian oil industry. Throughout August, at least 22 attacks on Russian refineries were recorded, forcing a reduction in oil processing rates due to sustained damage.
In addition to refineries, port infrastructure facilities, including those in Novorossiysk, were targeted. This hindered the ability of Russian companies to offset refining losses by increasing raw material exports.
Consequences for the Russian market
Due to petroleum product shortages, the Russian government was forced to extend its ban on diesel exports through the end of September. Several regions across the country have resumed rationing gasoline sales for consumers.
Current annual oil production forecasts for Russia are being revised downward. Deputy Prime Minister of Russia Alexander Novak characterized the current decline as a temporary setback expected to be corrected once repair work at affected facilities is completed.
Illustrative photo: kishjar? from Moscow, Russia / CC BY 2.0
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