Camilla Jessen
Drone attacks and tightened sanctions on Russia have disrupted its oil exports.
The largest Western oil firms saw a jump in profits during the third quarter of 2025, fueled in part by Ukrainian drone strikes on Russian oil refineries and tightened Western sanctions.
According to Reuters, refining profits at Exxon Mobil, Chevron, Shell, and TotalEnergies rose 61% compared to the previous quarter, contributing to an overall 20% increase in total profits.
The strikes and sanctions led to a sharp drop in Russian exports.
Data from Kpler shows that Russia’s average daily oil product shipments fell by 500,000 barrels in September, down to just 2 million barrels per day—the lowest since the COVID-19 pandemic began in 2020.
Exxon Mobil, for example, reported a 30% increase in profits from its energy products division, reaching $1.84 billion, citing “supply disruptions” in the global market. Chevron, Shell, and TotalEnergies, which collectively produce over 11 million barrels per day, also benefited from tighter supply and higher margins.
BP, which divested from Russian oil giant Rosneft after the war began, is expected to report similarly strong results.
Its operating profit margin rose 33% quarter over quarter.
The trend is likely to continue. New EU sanctions, set to fully take effect in January, will further restrict imports of petroleum products made with Russian feedstock. U.S. sanctions targeting Rosneft and Lukoil, imposed in October, are also tightening supply lines.
While Russian output suffers, Western producers are stepping in to fill the gap—without triggering a spike in global oil prices, thanks to a growing supply surplus.
The International Energy Agency forecasts a 4 million barrel per day surplus in 2026, around 4% of global demand.
