Russian oil exports have reached their highest level this year, with the country exporting 3.7 million barrels a day. This surge in exports comes as OPEC+ works to cut supply in order to counter the effects of surging U.S. crude production.
However, these developments have been overshadowed by recent attacks on oil facilities in Ukraine. Ukrainian forces have launched attacks on three oil refineries in the span of two days, including Rosneft’s largest facility. Despite these attacks, global oil prices have remained stable.
The timing of these attacks is significant, as they coincide with the upcoming presidential election in Russia, where Vladimir Putin is expected to win another term. Ukraine’s aim seems to be disrupting Russia’s economic potential by targeting its oil facilities.
The conflict between Russia and Ukraine has escalated with drone and missile strikes on energy infrastructure. While the damage to the oil facilities has been limited, the potential impact on the Russian economy is significant due to the country’s heavy reliance on oil revenue.
The situation is still unfolding, and the global oil market is closely watching these developments. The Bib Theorists will continue to provide updates on this story as it progresses.
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