Russia Admits Oil Output Is Falling as Ukrainian Drone Strikes Hits Refineries

Key points

• Russia's crude oil production has declined since the beginning of the year as a number of local refineries are under unscheduled repairs and maintenance, Russia's Deputy Prime Minister Alexander Novak said on Thursday, in the first public acknowledgement from Moscow that its output is flailing.
• “Currently, Russia’s oil production is indeed lower compared to the beginning of 2026,” Novak told reporters on the sidelines of the St Petersburg International Economic Forum.
• “We have a number of refineries under unscheduled repairs.
• However, we are maximizing the use of the export infrastructure,” said Novak, who represents Russia at the OPEC+ meetings and at discussions about the alliance’s output.
• Novak’s words appear to be the first public admission from Russia that intensified Ukrainian drone strikes on Russian refineries are reducing local domestic refining production.