Russia expects its oil production to remain flat in 2026 and grow modestly in the coming two years as its energy infrastructure comes under intense drone attacks from Ukraine.
Russia expects its oil production to remain flat in 2026 and grow modestly in the coming two years as its energy infrastructure comes under intense drone attacks from Ukraine.
Oil storage facilities destroyed by a drone attack at the Tuapse oil refinery in Tuapse, Krasnodar region.
Discounts on Russia’s flagship crude widened for the first time since the start of the Iran war, as shifting expectations over a possible end to the Middle East conflict rattled oil markets.
Discounts on Russia’s flagship crude widened for the first time since the start of the Iran war, as shifting expectations over a possible end to the Middle East conflict rattled oil markets.
Storage tanks at the oil terminal in Saint Petersburg.
Ukraine said it struck two major fuel-producing facilities and an oil pumping station in Russia, adding more pressure on the nation’s refinery runs that hit multi-year lows in April.
Ukraine said it struck two major fuel-producing facilities and an oil pumping station in Russia, adding more pressure on the nation’s refinery runs that hit multi-year lows in April.
A Ukrainian long-range drone at an undisclosed location in 2025.
Russia’s oil tax revenues jumped to a six-month high last month as the Kremlin started reaping the benefits of a crude rally driven by the war in Iran. With oil still trading near $100 a barrel, the windfall is set to continue.
Russia’s oil tax revenues jumped to a six-month high last month as the Kremlin started reaping the benefits of a crude rally driven by the war in Iran. With oil still trading near $100 a barrel, the windfall is set to continue.
Top US officials spent Monday and Tuesday offering new details on the role the US military will play in helping ships pass through the Strait of Hormuz as part of President Donald Trump’s bid to break Iran’s chokehold over the waterway.
Top US officials spent Monday and Tuesday offering new details on the role the US military will play in helping ships pass through the Strait of Hormuz as part of President Donald Trump’s bid to break Iran’s chokehold over the waterway.
A bulk cargo ship sits at anchor in the Strait of Hormuz off Bandar Abbas, Iran, on May 2, 2026. Photographer: Amirhosein Khorgooi/ISNA/AP Photo
Top US officials spent Monday and Tuesday offering new details on the role the US military will play in helping ships pass through the Strait of Hormuz as part of President Donald Trump’s bid to break Iran’s chokehold over the waterway.
Top US officials spent Monday and Tuesday offering new details on the role the US military will play in helping ships pass through the Strait of Hormuz as part of President Donald Trump’s bid to break Iran’s chokehold over the waterway.
A bulk cargo ship sits at anchor in the Strait of Hormuz off Bandar Abbas, Iran, on May 2, 2026. Photographer: Amirhosein Khorgooi/ISNA/AP Photo
One Iranian oil tanker may have slipped through a US blockade of the Persian Gulf state’s shipping, according to TankerTrackers.com, a firm that uses satellite imagery to monitor vessel movements.
One Iranian oil tanker may have slipped through a US blockade of the Persian Gulf state’s shipping, according to TankerTrackers.com, a firm that uses satellite imagery to monitor vessel movements.
A man paddles on the beach as a ship is seen in the background on Qeshm Island, Iran in the Strait of Hormuz..
With every day that the war drags on, the shortfall gets bigger and a market reckoning draws nearer.
TOPSHOT - In this picture obtained from Iran's ISNA news agency on May 4, 2026, vessels are pictured anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. Iran's Revolutionary Guards on May 4 denied that any commercial ships had crossed the Strait of Hormuz, after the US military earlier said two US-flagged merchant vessels had transited through the vital waterway. (Photo by Amirhossein KHORGOOEI / ISNA / AFP via Getty Images) / Photographer: AMIRHOSSEIN KHORGOOEI/AFP
Ukraine said that it hit a Russian export-oriented refinery and oil-pumping station in Kirishi near the Baltic coast, as Kyiv ramps up attacks ahead of planned Victory Day ceasefires.
Ukraine said that it hit a Russian export-oriented refinery and oil-pumping station in Kirishi near the Baltic coast, as Kyiv ramps up attacks ahead of planned Victory Day ceasefires.
May 5 satellite imagery from NASA FIRMS suggests fire at the major oil refinery in Kirishi
Ukraine’s attacks on Russian oil infrastructure climbed to the highest monthly level since December, cutting the neighboring nation’s refinery runs to multi-year lows.
Ukraine’s attacks on Russian oil infrastructure climbed to the highest monthly level since December, cutting the neighboring nation’s refinery runs to multi-year lows.
Russian police officers secure an area as smoke rises following a recent drone attack on the Tuapse oil refinery in Tuapse, Krasnodar region, Russia on April 29.
Ukrainian drones struck a major refinery deep inside Russia and again attacked an oil-pumping station nearby, further crippling Moscow’s crude-processing capability.
Ukrainian drones struck a major refinery deep inside Russia and again attacked an oil-pumping station nearby, further crippling Moscow’s crude-processing capability.
April 30 satellite imagery from NASA FIRMS suggests fires at the Perm oil-pumping station and in the vicinity of the Perm refinery
The United Arab Emirates’ decision to leave OPEC won’t lead to an imminent price war since the Iran conflict has throttled producers’ ability to unleash supplies, Russian Deputy Prime Minister Alexander Novak said.
The United Arab Emirates’ decision to leave OPEC won’t lead to an imminent price war since the Iran conflict has throttled producers’ ability to unleash supplies, Russian Deputy Prime Minister Alexander Novak said.
The OPEC (Organization of the Petroleum Exporting Countries headquarters in Vienna, on April 28.
Ukraine said it hit an oil pumping station deep inside Russia, as well as a sanctioned tanker in the Black Sea, the latest in a wave of strikes on its adversary’s energy infrastructure.
Ukraine said it hit an oil pumping station deep inside Russia, as well as a sanctioned tanker in the Black Sea, the latest in a wave of strikes on its adversary’s energy infrastructure.
NASA FIRMS satellite images from April 29 show a heat anomaly over the station, located about 24 kilometers (15 miles) from the city of Perm.
Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates’ shock decision to quit the cartel raised questions about its future amid a historic supply disruption caused by the Iran war.
Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates’ shock decision to quit the cartel raised questions about its future amid a historic supply disruption caused by the Iran war.
The headquarters of the Organization of the Petroleum Exporting Countries in Vienna. Photographer: Andrey Rudakov/Bloomberg
Sooner or later, the US blockade may force Iran to cut oil production.
Cargo ships, oil tankers and other vessels off the shore of Singapore, on Tuesday, March 17, 2026. A widening conflict in the Middle East has led to dramatic swings and surges in the price of fuel for ships, prompting distributors in Singapore, the world’s top bunkering hub, to cut back their purchases. Photographer: Ore Huiying/Bloomberg
Polluted rain fell on Russia’s Black Sea city of Tuapse as authorities struggle to extinguish a blaze at local oil facilities following a drone attack, highlighting the environmental effects from the war in Ukraine.
Polluted rain fell on Russia’s Black Sea city of Tuapse as authorities struggle to extinguish a blaze at local oil facilities following a drone attack, highlighting the environmental effects from the war in Ukraine.
An image taken by the Copernicus Sentinel satellite on April 16 shows smoke over the port city of Tuapse and the surrounding coastal area.
Ukrainian President Volodymyr Zelenskiy said repairs have been completed on the Druzhba oil pipeline, allowing the resumption of Russian oil flows to Europe and paving the way for a much-needed €90 billion ($106 billion) loan.
Ukrainian President Volodymyr Zelenskiy said repairs have been completed on the Druzhba oil pipeline, allowing the resumption of Russian oil flows to Europe and paving the way for a much-needed €90 billion ($106 billion) loan.
The Baltic Exchange in London is consulting the shipping market about making changes to its benchmark tanker rate after the Iran war closed the Strait of Hormuz, rendering part of the normal trade route inaccessible.
The Baltic Exchange in London is consulting the shipping market about making changes to its benchmark tanker rate after the Iran war closed the Strait of Hormuz, rendering part of the normal trade route inaccessible.
Flags fly from The Baltic Exchange in London, U.K., on Tuesday, March 17, 2020. While the U.K. authorities have abandoned efforts to contain the coronavirus, focusing on delaying the worst of the outbreak, financial-services companies are grappling with policy as several offices cope with health scares.
Russia’s government expects to sell natural gas for several years to China at about a third less than the price paid by Europe, underscoring how a pivot to Asia hasn’t fully offset the loss of most of the country’s Western markets.
Russia’s government expects to sell natural gas for several years to China at about a third less than the price paid by Europe, underscoring how a pivot to Asia hasn’t fully offset the loss of most of the country’s Western markets.
An underground gas storage facility in Kasimov, Russia.
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