Major Western oil companies have benefited unexpectedly from Ukraine's attacks on the oil refining facilities of the aggressor country russia. They have led to an increase in profits of Western companies and eased fears of an impending oversupply in the market.
Ukraine's systematic strikes have dealt a serious blow to russia's ability to export oil products such as diesel fuel and fuel oil. According to Kpler, in September, russia's exports of oil products by sea dropped by 500,000 barrels per day to about 2 million barrels per day, the lowest level in five years.
This has led to an increase in refining margins, which has benefited oil giants Shell, Exxon Mobil, Chevron, and TotalEnergies. Together, they process nearly 11 million barrels per day, accounting for more than 10% of the world's refining capacity.
In the third quarter of this year, the above-mentioned companies recorded a 61% increase in refining profits compared to the previous quarter. At the same time, the growth of their total profit amounted to 20%.
British BP (formerly British Petroleum) will publish its results tomorrow. Apparently, the company is also benefiting from the situation with oil refining problems in russia. The company's refining margin rose to USD 15.8 per barrel, up one-third from the previous quarter.
