Drone Strikes on Russia's Refineries Boost Oil Exports
TL;DR. Russia's western oil exports reached an eight-month high in May as drone attacks curtailed domestic refining capacity. - Ukraine's drone strikes on Russian facilities decreased refining by 10% in Q1 2024. - This disruption led to an increase in crude oil available for export from Russian ports. - Russia is now prioritizing crude oil sales over refined product exports due to damaged infrastructure.
- Russian western oil exports increased to an 8-month high in May.
- Ukrainian drone attacks severely cut deep conversion capacity at Russian oil refineries.
- Russia is exporting more crude oil as refining capacity is reduced.