Ukraine’s refinery strikes cut Russia’s processing capacity to 3.91 million barrels per day, stranding record offshore crude volumes.
A 135 million-barrel backlog of Russian crude oil is stuck offshore after Ukraine’s drone strikes crippled domestic refining capacity. The attacks, targeting facilities like Gazprom Neftekhim Salavat and Afipsky, have reduced processing to 3.91 million barrels per day, the lowest since 2005.
Russia’s refining capacity has dropped by roughly one-third due to the strikes, forcing a surge in export volumes. The backlog highlights disruptions in global oil flows as Moscow struggles to reroute supplies amid persistent attacks.
Markets are monitoring the situation for potential supply tightness, though immediate price reactions remain muted.