• 2025年10月7日
  • Market: Crude

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

BIR under attack LP image

About Argus Media

As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such as supply and demand dynamics, price trends, trading activity, and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered firsthand from the market.