In a recent report by Gunvor, and as reported by Bloomberg, it was revealed that approximately 600 thousand barrels of daily oil refining capacity in Russia were knocked offline as a result of strikes by Ukrainian drones on Russian refineries.

According to the assessment provided by Torbjorn Tornqvist, the CEO of the international energy group Gunvor Group Ltd., these strikes targeted several plants in Russia, some of which are situated close to its borders.

Consequently, futures for diesel fuel saw a fourth consecutive session rise, while gasoline futures increased for the sixth consecutive session.

Gunvor was a major trader of Russian oil prior to its full-scale invasion of Ukraine, but it ceased trading shortly after the onset of the major conflict.

Meanwhile, according to estimates by JPMorgan Chase, Ukrainian attacks have disrupted approximately 900 thousand barrels per day of Russian refining capacity.

According to Tornqvist, the crude oil markets are generally balanced and fairly priced, adding that U.S. supplies are likely to increase by approximately 700-800 thousand barrels per day this year, which is roughly half the increase seen in 2023.

However, he stated that the overall increase in supplies from non-OPEC countries this year is unlikely to change significantly.

Click here for more on Energy at EU Today

________________________________________________________________________________________________________________