Nymex Overview: Russia's Distillate Exports Tumbled in June; Oil Production to Fall in 2026, 2027: IEA — OPIS

Russia's distillate exports fell sharply in June on significantly lower crude runs amid persistent Ukrainian drone attacks on the country's refineries, tightening distillate margins in the Atlantic Basin, the International Energy Agency said Friday.

In its monthly Oil Market Report, IEA said total refined product exports fell by 230,000 b/d month over month to 1.9 million b/d in June, their lowest on record. It also marked a 660,000 b/d decline compared to levels in June 2025.

The decrease in product exports was led by a 32% drop in gasoil to 490,000 b/d from 720,000 b/d in May, and the country's jet fuel exports also fell to 30,000 b/d from 60,000 b/d during the period, the agency said.

Gasoil is a term used in Europe referring to diesel fuel and heating oil. IEA, citing current reports, estimated that Russia's current total refinery crude runs have dropped below 3.8 million b/d, down 1.6 million b/d year over year.

According to IEA, almost every large oil refinery in the western part of Russia has been hit by drones, and those strikes recently reached the 450,000 b/d Omsk refinery in Western Siberia at about 2,700 km (1,678 miles) away from the frontline of military conflicts in eastern Ukraine.

Those drone attacks not only pummeled Russia's product output but also targeted storage sites and infrastructure, causing widespread domestic fuel shortages, the agency said.

On Wednesday, Moscow announced a ban on diesel exports for the remainder of July. That was followed by its gasoline and jet fuel export restrictions in April and June, respectively.

IEA said it expects Russia's crude oil production to fall to 8.9 million b/d this year and 8.8 million b/d in 2027, down from 9.2 million b/d in 2025.

Meanwhile, the agency also expects global gasoline markets to stay tight in the coming weeks and possibly months during summer when demand typically peaks.

This is because refinery outages in Europe, U.S. and Asia along with heatwave-induced cooling issues have reduced gasoline supply in June.

In addition, additional outages in Russia in July due to drone attacks have forced Moscow to import gasoline from the U.S. West Coast, IEA said.

The agency said global gasoline stock draws have exceeded normal rates, with OECD gasoline stocks in the Atlantic Basin at their lowest since 2023, and both U.S. and European inventory well below their five-year averages.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

© 2026 Oil Price Information Service, LLC. All rights reserved.

(END) Dow Jones Newswires

July 10, 2026 13:13 ET (17:13 GMT)