Kenneth Glad
Trading data is adding to concern over a key industrial sector. The pressure reflects damaged facilities, lower processing activity and a less supportive price backdrop.
The Moscow Exchange oil and gas index fell to 6,081 points on Tuesday, its lowest level since March 2023, The Moscow Times reported, citing exchange data.
The benchmark, which includes 11 major Russian oil and gas companies, has declined in 10 of the past 12 weeks. It has lost 25 percent over three months and 15 percent since the start of the year.
The fall matters because oil and gas remain central to Russia’s export earnings and public finances. When the sector weakens, the pressure can reach beyond investors and into the wider economy.
Refinery losses are weighing heavily
Damage to refining infrastructure has become one of the biggest concerns for the market.
Vector Capital analysts estimated, according to The Moscow Times, that drone strikes on Russian refinery facilities caused about one trillion rubles in losses last year.
The pace of attacks has increased in 2026. From January through May, 38 incidents were recorded, the highest level cited in the report.
Refinery capacity matters because it affects how much crude can be turned into fuels for domestic use or export. When plants are offline, supply chains tighten and companies face higher repair, protection and logistics costs.
Isaac Levi, an analyst at the Centre for Research on Energy and Clean Air, said: “Ukrainian drone attacks generate significant costs for Russia’s oil sector. They disrupt refinery operations, reduce processing capacity, increase spending on repairs and infrastructure protection, and create logistical bottlenecks.”
Major producers are under pressure
Tatneft shares fell almost 7 percent after operations were stopped at the company’s main refinery in Nizhnekamsk, The Moscow Times writes.
Ordinary shares in Surgutneftegaz dropped to their lowest level since October 2022 after the company halted work at the Kinef refinery near St. Petersburg.
Lukoil also came under pressure, losing 5.8 percent on Tuesday and 14 percent since the start of the year.
Rosneft, the state-controlled oil producer led by Igor Sechin, fell 5.3 percent in Tuesday trading. Its shares are down about 15 percent this year.
The company’s net profit fell in 2025 and declined again in the first quarter of 2026.
Oil prices are no longer enough
Higher crude prices have often helped cushion Russian energy companies during periods of stress. That support now looks less reliable.
The Moscow Times says that expectations of a U.S.-Iran agreement have reduced fears of a blockade in the Strait of Hormuz, one of the world’s most important oil shipping routes.
Brent crude fell nearly 10 percent over two days and moved below $80 per barrel for the first time since March.
Kirill Bakhtin, an analyst at Russian brokerage BKS Investment World, warned: “The era of high oil prices has most likely already ended.”
Energy Intelligence analysts, cited by the outlet, estimated that Russian refinery processing in early June fell to its lowest level in 21 years. Around one-third of refining capacity was reportedly unused, equal to more than 2 million barrels per day.
The weakness was not limited to oil and gas. Investing.com reported that the MOEX Russia Index closed down 0.18 percent on Wednesday, reaching a new six-month low, with falling stocks outnumbering gainers on the Moscow Exchange.
Sources: The Moscow Times, Investing.com
