Ukraine Has Set A Record For The Number Of Strikes On Russian Oil Refineries

The Ukrainian Armed Forces have driven Russia's oil refining industry to a 20-year low.

August isn't over yet, and the Ukrainian Armed Forces have already carried out 21 strikes on Russian oil refineries. This is the highest number in a calendar month, according to Bloomberg: until now, the most intense bombing of the refining sector occurred in May (17) and July (18). As a result, gasoline prices have been rising again since mid-August after a two-week lull in the first half of the month, and long lines have returned to gas stations—including in Moscow, where the authorities are prioritizing supply.

Due to Ukrainian attacks, six of the country’s largest refineries have shut down since early August; the latest was Lukoil’s “Nizhegorodnefteorgsintez” (NORSI) facility. With this in mind, according to Reuters, all of Lukoil’s major oil refineries have ceased operations.

As a result, oil refining in Russia is now at its lowest level in more than 20 years, according to EA Analytics: the average daily volume in August was 3.8 million. In previous years during this period—which is typically characterized by higher demand due to the vacation season and harvest—Russia processed 5.3–5.5 million barrels per day.

Gasoline production and domestic market supplies fell by nearly 20% in the first three weeks of August compared with the same period last year, a person familiar with the data told Bloomberg. Diesel fuel output fell by 23%, but market supplies declined by only 3%, thanks to an export ban introduced at the start of the summer.

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