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

Bloomberg reports that Ukraine struck Russian oil refineries at least 21 times in August, the most of any month since the full-scale invasion began, hitting four of Russia's ten largest refineries. Analysts at EA Analytics estimate Russian refining fell to about 3.8 million barrels a day that month, versus a typical summer rate of 5.3 to 5.5 million.

Gasoline supply to Russia's domestic market dropped almost 20% in the first three weeks of August compared with a year earlier, while diesel production fell more than 23%, according to a source cited by Bloomberg. Russia, once a major diesel exporter supplying roughly 10% of world diesel, is now keeping that fuel at home.

A lull in strikes in the second half of July had allowed some recovery before attacks resumed in August, and gas lines have reappeared in Moscow. Analysts expect refining to tick up slightly in September to near 4.2 million barrels a day, but say further drone attacks could push the total back down.

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