According to Reuters estimates, based on information from traders, in January 2024, as a result of drone strikes, Russia lost a significant share of its oil refining capacity. In particular, oil refineries in Ryazan, Volgograd, and Astrakhan stopped operating. According to sources in the Russian oil sector, it may take from several weeks to several months to restore the operation of these enterprises.
Strikes on infrastructure
Ukrainian drones attacked not only refineries but also oil tanks, pipeline systems, and pumping stations. This led to disruptions in the logistics of supplying raw materials both for export and to the refineries themselves.
As a result, one of the largest Russian ports, Ust-Luga on the Baltic Sea, reduced its oil transshipment to the lowest level in the last four years and is currently only half loaded.
Export reduction
In addition to drone attacks, the supply of Russian oil abroad was also affected by US sanctions imposed in January against tankers of the so-called "shadow fleet," which significantly complicated the transportation of raw materials.
According to Reuters estimates, seaborne oil supplies from western Russian ports — Primorsk, Ust-Luga, and Novorossiysk — decreased by 17% in January compared to the same period in 2023.
Thus, the combination of Ukrainian strikes on key infrastructure facilities and Western sanctions could significantly impact the Russian oil industry in the coming months.
