Ukraine-launched drones have targeted 18 Russian oil refineries, causing significant damage and disrupting refining capacity. The strikes, enabled by artificial intelligence, highlight the potential threat of cheap drones to global energy markets.
Ukraine -launched drones have hit 18 Russia n oil refineries with a combined capacity of 3.9 million barrels per day this year, according to JPMorgan.
Ukraine is increasingly using drones that are enabled with AI, which helps the weapons navigate and avoid jamming, according to the bank. The U.S. has urged Ukraine to stop the attacks on Russian energy infrastructure out of concern that they could drive up crude oil prices and instigate retaliation from Moscow, three people familiar with the discussions told
"These drones can easily and asymmetrically disrupt global seaborne trade," Brackett wrote, warning that oil exporters such as Russia aren't the only countries that need to be worried. Oil importers, like China and India, will now have to worry about disruptions to crude flows from drone attacks, he said.
Goldman Sachs said in a research note last month that the strikes are bullish for diesel prices, but the impact on crude oil is mixed. Outages can lead to reduced oil demand from refineries, which is bearish for prices. But the market is worried Ukraine could increasingly hit oil production and transportation infrastructure, which would weigh on Russian crude exports, according to Goldman.
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