Russia Admits Oil Output Is Falling as Ukrainian Drone Strikes Hits Refineries

Russia's crude oil production has declined since the beginning of the year as a number of local refineries are under unscheduled repairs and maintenance, Russia's Deputy Prime Minister Alexander Novak said on Thursday, in the first public acknowledgement from Moscow that its output is flailing. “Currently, Russia’s oil production is indeed lower compared to the beginning of 2026,” Novak told reporters on the sidelines of the St Petersburg International Economic Forum. “We have a number of refineries under unscheduled repairs.…