Russian oil refining fell in July to its lowest level since May 2002

Bloomberg reported on Monday, 12 Mordad 1405 (3 August 2026), that Russian crude oil refining fell in July to its lowest level in more than two decades. Citing data from EA Analytics, Russian refineries processed an estimated 3.6 million barrels of crude per day last month, the lowest since May 2002 and roughly one third below the seasonal norm. Between 2020 and 2025, refineries processed an average of 5.3 million to 5.6 million barrels per day in the same period.

Based on a Bloomberg tally drawn from statements by Russian and Ukrainian officials, 18 Russian refineries were targeted in July, including the Omsk refinery, the country's largest, which lies more than 2,500 kilometres from the Ukrainian border. The previous monthly record was 17 refinery attacks in May. Five large tankers, five pieces of port infrastructure and two pipelines were also hit, bringing total attacks on oil infrastructure in July to 30, the second highest count after 32 in May.

Oil loading at the Caspian Pipeline Consortium terminal was suspended after strikes on two vessels overnight on 30 July. Lower Russian refining capacity feeds through to the global balance for refined products, a variable that bears on world petrol and diesel prices and on the export earnings of producers in the region.