Russian oil refining capacity taken out by drone attacks reaches 14% of total – Reuters calculations

Reuters reports that Russian oil refining capacity taken out by drone attacks has reached 14% of the total. This is based on calculations that show approximately 4.6 million tons (370,500 barrels per day) of refining capacity has been affected, representing about 7% of the total. The attacks have targeted at least seven refineries, including Rosneft's Kuibyshev oil refinery in Russia's city of Samara, which recently halted its primary refining unit CDU-5 following a drone attack. The impact on production has been significant, with the potential to disrupt the Russian economy and oil market.

Analysis: The ongoing drone attacks on Russian oil refineries have significant implications for the global oil market. The disruption in refining capacity, amounting to 14% of the total, could lead to higher oil prices and supply constraints, particularly for Russia's crude oil. This situation may benefit oil producers globally, including those in the Middle East and North America, who could see increased demand for their oil. However, the ongoing conflict between Russia and Ukraine poses risks to global energy security, and investors should closely monitor developments in the