In April 2023, Russia reportedly cut its oil production by about 300,000 to 400,000 barrels per day due to increased Ukrainian drone attacks on critical oil infrastructure, including ports and refineries. This reduction is expected to be the most significant monthly decline since the onset of the COVID-19 pandemic. The attacks have severely impacted Russia's ability to export oil, which is crucial for its economy, contributing approximately a quarter of its budget revenue. Despite these challenges, Russia's Finance Minister Anton Siluanov noted that high global oil prices could help mitigate the budget deficit. The International Energy Agency (IEA) has also lowered its oil supply projections for Russia by 120,000 barrels per day for the remainder of the year, citing ongoing infrastructure damage. Russia's oil production peaked in the late 1980s but has fluctuated significantly since the collapse of the Soviet Union, with a notable recovery in the 2000s and 2010s. The current geopolitical tensions continue to pose serious risks to Russia's energy sector.