Russian oil refineries see drop in output, partially attributed to drone attacks

In January 2024, Russian oil companies saw a nearly four-percent drop in oil processing (compared to January 2023), reports Russian newspaper Kommersant, citing sources familiar with industry statistics.

Kommersant said the drop in output is not only attributed to annual maintenance, but also to drone attacks targeting energy infrastructure. The Tuapse refinery, which ceased operations after being attacked by drones, experienced a 30-percent decrease in output in January, compared to the same period the previous year.

Russian oil giant Rosneft also saw a 10-percent decrease in its total output (excluding its subsidiary Bashneft and its 50 percent stake in the Yaroslavl refinery) compared to a year earlier.

Lukoil’s Volgograd refinery, which was recently targeted by a drone attack, may also decrease output next month, reports Kommersant.

The newspaper adds that these reductions are also related to Russia’s commitments as part of agreements made with Saudi Arabia to decrease its oil production.