Drone Strikes Wipe Out 0.6m b/d of Russian Refinery Runs: FGE

FGE expects a loss of around 0.6m b/d of Russian refinery runs in March and April due to Ukrainian drone strikes, according to FGE.

• FGE expects lasting damage at Lukoil’s Norsi refinery and Rosneft’s Ryazan refinery.
• Regarding Norsi, “We understand that a 188k b/d CDU unit was damaged as a result of the 12 March drone strikes,” FGE said in a note, cited by Bloomberg.
• On Ryazan, “we understand that two CDUs with a capacity of 191k b/d and 84k b/d were damaged in the 13 March attack, along with a heat exchanger,” FGE added.
• “A reduction in Russian refinery operations is tantamount to a reduction in exports,” FGE said.
• FGE also said that Atlantic margins have been boosted by the loss of around 0.2m b/d of Russian middle distillates in March and April.