Under attack

Ukraine is hitting Russia’s refineries hard, and the shockwaves are reverberating through oil markets across the globe. A drone campaign that began in August has so far hit nearly half of Russia’s 38 refineries, some more than once, and shows no sign of abating.

This Argus Insight Paper will help you understand and navigate the implications of Ukraine’s assault on Russia’s refineries, as we explain:

• The scale of the drone campaign, which refineries have been hit and the challenges Russia faces in repairing them
• What the refinery damage is doing to Russia’s fuel oil and diesel exports
• What those changes means for global refining margins, premiums and discounts
• How crude markets could be affected, through risks to export infrastructure and expectations of rising Urals export volumes