Ukrainian strikes drive Russia's oil output to 2-and-a-half-year low
Business
Russia's oil production just hit its lowest point in at least 2 1/2 years, dropping to 8.928 million barrels a day in June, well below what it agreed with OPEC+.
The main reason? Ukrainian strikes have been hitting Russian refineries hard, making it tougher for Russia to keep up its usual output.
Russia hits highest sea crude exports
Over the past 100 days, Ukraine has targeted most of Russia's big refineries, pushing fuel shortages across the country.
With so many refineries out of action, Russia has started exporting more crude oil by sea, reaching the highest export levels since the war began, even as its own supplies at home get squeezed.