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(Bloomberg) — Russia’s crude-only production lagged behind its OPEC+ quota by almost a million barrels a day in July as Ukraine attacked the nation’s oil infrastructure almost daily.
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Producers pumped an average of 8.887 million barrels a day of crude last month, according to a monthly report by the Organization of the Petroleum Exporting Countries. While that’s a drop of just 6,000 barrels a day from the average level in June, which was revised down, July’s daily production is significantly below Russia’s target level of 9.824 million barrels for the month under its agreement with its OPEC+ allies.
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The data comes as Russia’s oil industry faces unrelenting Ukrainian attacks. Last month, Kyiv targeted various assets from refineries to tankers, with the shifting focus of strikes threatening Russian crude-processing rates and export volumes at a time when global energy markets are already under pressure due to the Middle East conflict.
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In the first half of July, Kyiv focused its attacks on refineries, forcing Russian producers to export near-record amounts of seaborne crude as their plants reduced processing rates to multiyear lows. When Ukraine switched to attacking tankers in the Black Sea and the Sea of Azov in the second half of the month, refineries got a brief respite, allowing time for repairs and boosting processing rates, while crude exports declined.
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So far this month, Ukraine has already attacked nine out of 34 large refineries, mostly linked to major oil producers in Russia, according to a Bloomberg tally of public statements from both countries. Most of the facilities that were hit were also targeted earlier this year.
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Overnight, Ukraine attacked Russia’s Black Sea port of Novorossiysk, home to major grain and oil export terminals, damaging three grain terminals.
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