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Ukraine Resumes Drone Strikes on Russian Refineries, Ending US-Requested Pause

Ukrainian drone strikes hit three Russian oil refineries over 72 hours, terminating a two-week pause requested by the United States. Starting October 30, the renewed campaign targeted Rosneft's Novokuybyshevsk plant, Bashneft-Novoil in Ufa, and LUKOIL's NORSI facility in Kstovo. These sites represent about 33 million tonnes of annual crude processing capacity, or roughly 10% of Russia's total refining capacity. The strikes follow a temporary halt instituted in mid-October under US pressure aimed at curbing global fuel and distillate price spikes ahead of US midterm elections.

Category

UK Brent Oil

Sentiment

Bearish

Event

Geopolitics supply

Reading time

1 min