"Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, Reuters has reported, citing industry sources. Ukrainian drones have frequently hit Russia's oil plants, cutting refining capacity by up to a fifth, and damaged ports including Ust-Luga and Primorsk, Ukrainian military officials and Russian industry sources have said."
"Transneft, which handles more than 80% of all the oil extracted in Russia, has in recent days restricted oil firms' ability to store oil in its pipeline system, two industry sources close to Russian oil firms told Reuters. Transneft has also warned producers it may have to accept less oil if its infrastructure sustains further damage, the two sources said."
Transneft warned producers they may have to cut output after Ukrainian drone attacks hit export ports and refineries. Drones have cut refining capacity by up to a fifth and damaged ports. Ukraine's military said it struck the Saratov oil refinery overnight. Transneft has restricted firms' ability to store oil in its pipeline system and warned producers it may accept less oil if infrastructure sustains further damage; Transneft dismissed the Reuters reporting as fake news. Russia relies heavily on oil and gas revenue. The European Commission will propose speeding the phase-out of Russian fossil fuel imports and further sanctions. Donald Trump said Zelenskyy must make a deal and Europe should stop buying Russian oil; Europe has reduced purchases though Hungary and Slovakia remain holdouts.
Read at www.theguardian.com
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