Russian oil exports slump as Ukraine hammers ports and refineries
Summary
Ukraine launched targeted attacks on Russian oil ports and refineries in March and April 2026, significantly reducing Russia’s oil exports and causing large fires. These strikes have caused Russia to cut its crude oil production and struggle to sustain its oil revenue amid high global prices.Key Facts
- Ukraine began a long-range strike campaign on Russian oil and port infrastructure on March 21, 2026.
- Russian oil exports dropped by 300,000 barrels per day in March, and refined product exports fell by 200,000 barrels per day.
- Ukraine’s attacks caused major fires at refineries in Tuapse, Sizran, Novokuibyshevsk, Samara, and Nizhny Novgorod.
- Russia cut crude oil production by approximately 300,000 to 400,000 barrels per day in April.
- The U.S. suspended sanctions on Russian oil in early March to help ease global price pressures after the Strait of Hormuz was closed by Iran.
- Despite the waiver, Russian oil exports fell to their lowest levels since 2023 and 2024.
- Russian officials and experts state that oil prices must stay above $100 per barrel for Russia to cover its budget deficit this year.
- Russia is increasing defenses near key industrial areas to protect against drone attacks.
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