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Reuters: Russian refining capacity down by 7% in first quarter due to Ukrainian drone attacks

In response to refinery outages, Russia is set to increase its oil exports through Western ports by almost 200,000 barrels per day in March.
oil refinery Volgograd Russia
Consequences of a drone attack on an oil refinery in Russia’s Volgograd on 3 February 2024. Credit: V1.RU/TG channel
Reuters: Russian refining capacity down by 7% in first quarter due to Ukrainian drone attacks

Ukrainian drone attacks deep into Russia targeting its oil industry have idled around 7% of Russian refining capacity in the first quarter, according to an analysis by Reuters.

In the past three months, Ukraine has intensified its drone attacks against the Russian oil industry. Over the past week, Ukraine has targeted several Russian oil facilities with drone attacks, aiming to hit the core of Russia’s economy over two years into Moscow’s full-scale invasion of Ukraine.

Brent crude oil briefly surpassed $86 per barrel on Monday for the first time since November, before retreating, as Ukraine escalated its attacks on Russian energy infrastructure, Reuters reported.

Vandana Hari, founder of Vanda Insights, a provider of oil market analysis, commented on the situation, saying, “The strikes on Russian refineries added $2-$3 per barrel of risk premium to crude last week, which remains in place as we start this week with more attacks over the weekend.”

According to Reuters, this disruption in refining capacity has prompted Russia to increase its oil exports through Western ports. Market participants have indicated that Russia plans to boost its oil exports by almost 200,000 barrels per day (bpd) in March, reaching a total of 2.15 million bpd.

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