Russia’s oil crisis explodes after losing Venezuelan oil lifeline, amid devastating strikes on its refineries

Russia’s energy sector is entering a phase where pressure no longer comes from a single direction but converges across production, processing, and exports at once. What once functioned as a resilient backbone of the Russian economy is now being stressed simultaneously at home and abroad. Damage inside Russia is limiting how much oil can be refined and monetized, while external actions are narrowing the routes and partners Moscow relies on to keep exports flowing. This combination matters because oil revenues underpin both the state budget and the war effort. As buffers disappear, losses begin to compound rather than remain isolated. The result is a system that can still produce oil, but is increasingly unable to turn it into stable income under sustained pressure.

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