Ukrainian strikes and sanctions cut Russian oil output to 17-year low

Ukrainian drone attacks on Russian refineries, combined with international sanctions, have forced Moscow to slash its 2026 oil production forecast to the lowest in 17 years and increase reliance on fuel imports. The Kremlin's revised outlook signals cumulative supply-side damage, though the exact production figure and import volumes remain unspecified. This development tightens global oil supply expectations and pressures Russian fiscal revenues.