Ukrainian drone attacks on Russian oil refineries have boosted profits for Western oil giants, - Reuters
Leading Western energy corporations have received unexpected financial benefits as a result of numerous Ukrainian drone attacks on Russian oil industry facilities. This has led to increased profitability in the global oil refining market and reduced concerns about a possible oversupply in the global market.
According to Censor.NET, this was reported by Reuters.
A blow to Russian exports
According to the publication, Ukrainian drone attacks on a large network of oil refineries and export terminals in Russia since July have severely affected its exports of petroleum products such as diesel fuel and fuel oil.
According to data from the Kpler platform, in September, exports of petroleum products from Russia by sea fell by 500,000 barrels per day from a 2025 high to around 2 million barrels per day, the lowest level in five years.
Profits of Western corporations
The decline in Russian exports has contributed to an increase in global refining margins, benefiting energy giants such as Shell, Exxon Mobil, Chevron, and France's TotalEnergies, which together operate nearly 11 million barrels per day, representing more than 10% of global refining capacity.
Four companies recorded a combined 61% increase in oil refining profits in the third quarter compared to the previous quarter, which contributed significantly to a 20% increase in their total profits.
Exxon, the largest oil company in the US, reported on Friday that its energy products division's profits rose more than 30% quarter-on-quarter to $1.84 billion thanks to high refining margins "due to supply disruptions." British company BP will publish its earnings on Tuesday and is also likely to benefit from these positive global trends in oil refining.
The margin of the British oil refining company, which is an indicator of its global operations, rose to $15.8 per barrel in the three months to September, up 33% from the previous quarter, and currently stands at $15.1 per barrel in the fourth quarter.
"Higher refining profits will help offset lower oil prices, as the market appears to be entering a period of significant oversupply," writes the publication's columnist.
Shell, the world's largest oil trader, does not disclose the profits of this division, but reported that growth in trading and refining margins increased the adjusted profit of its chemicals and products division by $706 million in the third quarter compared to the previous three months.
What preceded it?
- Earlier it was reported that drones attacked the Krasnodar region of the Russian Federation: explosions were heard and an oil terminal was on fire.
- It later became known that the tanker and oil terminal had been damaged, with at least three fires breaking out.
- According to the Security Service of Ukraine, Ukraine has successfully struck 160 oil refining facilities in Russia since the beginning of the year.
