• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 hours The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 7 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
Russian Oil is Fueling Geopolitical Fragmentation

Russian Oil is Fueling Geopolitical Fragmentation

Russia's invasion of Ukraine has…

U.S. Automakers Race to Offset the Rise in Copper Prices

U.S. Automakers Race to Offset the Rise in Copper Prices

High copper prices pose significant…

Ukraine Says Russia Accidentally Bombed Its Own Rosneft Refinery

A Russian aircraft has hit an oil refinery in the Donbas region in eastern Ukraine owned by Russian state-owned oil giant Rosneft, The Kyiv Independent reported on Wednesday.

“A Russian aircraft has fired upon an oil refinery in Lysychansk, Luhansk Oblast, which is owned by Russian oil company Rosneft. According to Luhansk Oblast Governor Serhiy Haidai, firefighters are fighting a blaze at the site,” The Kyiv Independent reports.

The Russians fired at the plant in Lysychansk from aircraft, Haidai said on his Telegram channel.

Newsweek, which reported The Kyiv Independent’s report, noted it is still trying to independently verify the claim of the attack.

The region of Luhansk, together with the Donetsk region, were recognized by Russia as two republics two days before Russia invaded Ukraine. Russian President Vladimir Putin announced the formal recognition of the Donetsk People’s Republic and Luhansk People’s Republic (known as the DNR and LNR, respectively, using their Russian acronyms) in a late-night speech at the Kremlin on February 21.

The recognition of the two separatist regions triggered the first condemnation and sanctions against Russia, which have been escalating since Putin invaded Ukraine a month ago.

Germany suspended on February 22 the Russia-led natural gas pipeline project Nord Stream 2 after Putin recognized the two separatist regions in eastern Ukraine and deployed “peacekeeping” troops there.

A day later, Russia launched a full-scale invasion of Ukraine, which led to several rounds of sanctions against Russian banks, businesses, and oligarchs. Sanctions from the European Union have so far spared Russian energy exports, but companies, traders, ship owners, and insurers in the West have started to avoid dealing with Russian energy products. This will likely lead to a large-scale global oil shortage as of next month, the International Energy Agency said last week, estimating that “3 million bpd of Russian oil output could be shut in as sanctions take hold and buyers shun exports.”


By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News