Russia's oil output falls to 9.009m bpd below OPEC+ target
Business
Russia's oil output hit a yearly low in May 2026, dropping to 9.009 million barrels per day, well below its OPEC+ target.
This slump started late last year and lines up with Ukraine stepping up drone strikes on Russian oil sites.
Russian crude processing at 20-year low
Ukraine carried out at least 31 attacks on Russian refineries, pipelines, and export terminals in May.
These hits pushed Russia's crude processing rates to their lowest in 20 years and are adding extra pressure to already tense global oil prices.
Russia increased seaborne crude exports
Russia boosted its seaborne crude exports from mid-April to late May.
This move is meant to soften the blow from lower processing rates caused by Ukrainian strikes.