Ukraine's Strikes on Russian Oil Infrastructure Lead to Slump in Exports
Ukraine has intensified its military campaign against Russian oil infrastructure, significantly impacting Russia's oil export capabilities. Since March 21, Ukraine has targeted Russian ports and refineries, aiming to disrupt oil transhipments and counteract the effects of a U.S. sanctions waiver on Russian oil. Ukrainian President Volodymyr Zelenskyy reported that these actions have resulted in an estimated $2.3 billion loss in Russian oil revenue for March alone. The strikes have led to a reduction in Russia's oil transhipments by 300,000 barrels per day and refined products by 200,000 barrels per day. Despite a U.S. waiver intended to stabilize global oil prices, Russian exports have declined to their lowest levels since 2023, forcing Russia to cut crude production by 300,000 to 400,000 barrels per day. 
