Bloomberg: Ukraine’s drones have pushed Russian oil refining to a 20-year low

According to Bloomberg, Ukraine's drone strikes on Russian oil refineries in August have pushed the country's oil refining to its lowest level in over 20 years. The strikes, which hit at least 21 refineries, were more frequent than any other month since Russia's full-scale invasion of Ukraine began. Four of Russia's 10 largest refineries were targeted, all built to supply densely populated and industrially developed regions.

Russia's oil refining volume has plummeted to an average of about 3.8 million barrels a day in August, compared to the typical summer range of 5.3 million to 5.5 million barrels. Gasoline production and supply to the domestic market dropped by nearly 20% in the first three weeks of August, while diesel production fell by more than 23%.

Before the Ukrainian strikes, Russia was a significant diesel exporter, supplying about 10% of the world's diesel, but now the diesel remains within the country. Analysts predict a slight increase in Russia's oil refining volume in September, reaching almost 4.2 million barrels a day, although the figure may continue to fall if Ukrainian drone attacks persist at the same rate.