Ukrainian drone attacks on Russian refineries have knocked out about 600 thousand barrels of Russia’s daily oil refining capacity.
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Attacks on the aggressor country’s oil refineries led to diesel futures rising for the fourth straight session, while gasoline futures rose for the sixth straight session. Obviously, this will have an immediate impact on distillate exports. This was stated by the CEO of the international energy group Gunvor Group Ltd. Torbjorn Tornqvist, Bloomberg reported.
This will probably reduce exports by a couple hundred thousand barrels, so for me it’s a distillate issue, he stressed.
It is noted that the Gunvor group was a major trader of Russian oil until its full-scale invasion of Ukraine. However, trade with Russia was stopped after February 24, 2022.
The American banking holding JPMorgan Chase predicts that the Ukrainian attacks disabled about 900 thousand barrels per day of Russian oil refining capacity. It will take weeks, if not months, to recover.
Let us remind you that recently more than 10 oil refineries have caught fire in Russia. The Institute of Energy and Finance said that Ukraine’s attacks on Russia’s largest refineries, which account for more than 12% of the country’s fuel production, resulted in a sharp jump in wholesale gasoline prices. As a result, Russia may lose 8-9% of production.
Source: Bloomberg
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.