Ukrainian attacks push Russian oil output 10% below target in May, IEA says

Russian crude oil production fell around 5% year-on-year last month to 8.7 million barrels per day, running 10% below May's target. The IEA attributed the decline to Ukrainian strikes on Russia's energy infrastructure, highlighting ongoing geopolitical supply risk for the oil market.

Analysis

Russian crude oil production fell around 5% year-on-year last month to 8.7 million barrels per day, running 10% below May's target. The IEA attributed the decline to Ukrainian strikes on Russia's energy infrastructure, highlighting ongoing geopolitical supply risk for the oil market.