Russia close to cutting oil output due to drone attacks 

Russia’s oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine’s drone attacks on critical export ports and refineries, three industry sources said on Tuesday. 

Why it matters 

Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow’s war effort in Ukraine.  

Oil and gas revenues have accounted for between a third and half of Russia’s total federal budget proceeds over the past decade, making the sector the single most important source of financing for the government. 

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