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Russian refineries targeted by Ukraine's drones | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Crude Oil: On Watch - FNArena.com fnarena.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fnarena.com Daily Mail and Mail on Sunday newspapers.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed companies to reduce oil production to fulfill its OPEC+ commitments, with voluntary cuts totaling 2.2 million barrels per day. A Ukrainian drone attack caused a fire at the Kuibyshev oil refinery in Samara, knocking out a major refining unit. According to British intelligence, Ukrainian strikes against Russian energy infrastructure have disrupted at least 10% of Russia's refining capacity, potentially leading to time-consuming and costly repairs. ....