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Drones Shut 0.6m b/d of Russia’s Refining Capacity: Gunvor

OIL

Gunvor estimates that around 0.6m b/d of oil refining capacity has been taken offline by Ukrainian drone strikes, Bloomberg said.

  • “It is significant because obviously this is gonna hit the distillate exports straight away,” Gunvor CEO Torbjörn Törnqvist said. “So that will probably take down exports by a couple of hundred thousand barrels, so to me it’s a distillate problem.”
  • Törnqvist added that crude oil markets are mostly balanced, but US production growth is likely to be half the rate of 2023.

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