Russia’s war in Ukraine continues to significantly influence global oil markets, with international negotiations in Saudi Arabia potentially restructuring energy supply chains and market strategies.
Key developments on March 24: * Russia, US finish 12-hour-long negotiations in Saudi Arabia * Russian missile strike on Sumy injures 88, including 17 children * 'Important but small operations' — Ukraine reclaims territory near Dvorichna in Kharkiv Oblast, military says * Oil pumping station in Krasnodar Krai shut down due to damage caused by
Moscow claimed earlier that Ukrainian drones struck the Kavkazskaya oil pumping station overnight on March 19, damaging infrastructure and igniting a fire. Firefighters continued battling a fire at the oil depot for the fifth day.
Firefighters continue battling a fire at an oil depot near the village of Kavkazskaya in Russia's Krasnodar Krai for the fifth day after a drone attack, local authorities claimed on March 24.
The shadow fleet refers to aging and largely uninsured oil tankers that Russia uses to transport oil above the $60 per barrel price cap.
Russia has overtaken the United Arab Emirates as India's top naphtha supplier in the past year, as Indian refiners capitalize on discounted Russian shipments, Reuters reported on March 20, citing preliminary ship-tracking data.
"They are taking a break for now while contemplating if there are ways to work around," a source told Reuters.
"The area of the fire is more than 1,000 square meters, and emergency services are working," Krasnodar Krai Governor Veniamin Kondratiev said.
Russian diesel exports to African countries nearly halved in February, dropping from 1.27 million tons in January to 684,000 tons, according to a report by the Center for Price Indices (CPI) reviewed by RBC.
Ukrainian forces reportedly struck the Druzhba pipeline in Russia's Oryol Oblast on March 11. Following the attack, Peter Szijjarto said that the oil supply was halted.
U.S. President Donald Trump’s administration is reportedly ready to lift sanctions on Russia imposed after the start of the full-scale invasion, in a reversal of U.S. policy toward Moscow during its war against Ukraine. The White House is preparing a plan to potentially give Russia sanctions relief
Oil and gas revenues last month amounted to 771.3 billion rubles ($8.6 billion), a significant drop from 945.6 billion rubles ($10.5 billion) in February 2024 and a moderate decrease in comparison to 789.1 billion rubles ($8.8 billion) in January.
"We control the situation and are prepared for such circumstances. Refineries in the Czech Republic are well prepared, and the state material reserve system is reliable, so I can assure everyone that there are enough oil reserves for both households and businesses," Czech Industry and Trade Minister Lukas Vlcek said.
A day earlier, oil prices fell by about 2%, hitting a 12-week low.
The first explosions occurred around 3 a.m. local time, according to residents. A fire broke out at the facility as a result.
Turkish imports of Russian oil plummeted in February in response to sweeping sanctions the U.S. and U.K. imposed on Russia's oil sector in January.
The Ryazan Oil Refining Company's facility was previously struck overnight on Jan. 24 and Jan. 26.
Oil prices remained near a one-week high on Feb. 19 as concerns over supply disruptions in Russia and the U.S. continued to drive the market.
Moscow suggested that American oil companies may return to the country, Russian negotiator Kirill Dmitriev said before the talks started in Riyadh.
Residents posted videos on social media purportedly showing a large blaze at the refinery. Sounds of explosions were reported at around 2:45 a.m. local time.
Residents earlier posted videos on social media purportedly showing explosions at the refinery in the Seversky district of Krasnodar Krai.
A large fire reportedly erupted at the Ilsky oil refinery in Russia's Krasnodar Krai overnight on Feb. 17, following large-scale Ukrainian drone attacks on the region, Russian Telegram media channels reported.
"Every day this oil pumping station's idle time costs Russia tens of millions of dollars," a source in the Security Service of Ukraine told the Kyiv Independent.
Oil prices dropped more than 2% on Feb. 12 after U.S. President Donald Trump took a significant step toward ending the ongoing Russia-Ukraine war, which has contributed to higher oil prices due to concerns over global supply disruptions.
Key developments on Feb. 11: * Ukraine could trade territory in potential peace talks with Russia, Zelensky says * Ukraine strikes Russia's Saratov oil refinery, military confirms * US won't send troops to Ukraine, Pentagon chief says * North Korea has sent 200 long-range artillery guns to Russia, Seoul says * Ukrainian drones destroy Russian
Chinese refiners are being offered Russian ESPO crude at discounted prices as rising concerns over U.S. sanctions create logistical and administrative challenges, deterring buyers, Bloomberg reported on Feb. 11.
Key developments on Feb. 10: * Russia massing troops for new assaults in Chasiv Yar, military warns * Drones reportedly target key Russian oil refinery in Krasnodar Krai * Trump claims 'progress' on ending Russia-Ukraine war, confirms contact with Putin * Ukraine approves high-speed Baton drones for battlefield deployment * Ukraine to receive Patria 6x6
According to Politico, European countries are drafting new legislation that would enable potential seizures of Russian oil tankers on legal grounds.
An attack carried out by the SBU and the Defense Forces set fire to the Albashneft oil depot in Novominskaya in southwestern Russia, according to the General Staff.
Trump has repeatedly called for lower oil prices, arguing that reducing Russia's oil revenue would force Moscow to end its war against Ukraine.
Ukrainian drones attacked energy facilities in Russia's Astrakhan and Volgograd oblasts overnight on Feb. 3, causing a fire, according to local authorities.
The wreckage of a downed drone fell on the refinery, causing a fire that was quickly extinguished, Governor Andrey Bocharov said.
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