Ukraine strikes cut Russia’s May crude output to 8.7 million bpd, 10% below target, IEA says

Russia’s crude oil production fell to 8.7 million barrels per day in May, down 5% year on year and 10% below the month’s target, as Ukraine continued striking Russian energy infrastructure, the IEA said. The agency lowered its 2024 forecast for Russian crude output by 200,000 bpd. Exports held steady, but the decline in production amounted to a tangible supply contraction. The developments directly affect oil market fundamentals as a verifiable supply-side disruption.