At least 40% of Russia‘s oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers, according to Reuters calculations based on market data. The shutdown is the most severe oil supply disruption in the modern history of Russia, the world’s second largest oil exporter, and has hit Moscow just as oil prices exceeded $100 a barrel due to the Iran war. Russia’s oil output is one of the main sources of revenue for the national budget and is central to the $2.6 trillion economy. An oil tanker moored in Novorossiysk, Russia, in 2022.AP Ukraine intensified drone attacks on Russia‘s oil and fuel export infrastructure this month, hitting all three of Russia‘s major western oil export ports, including Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic Sea. According to Reuters calculations, about 40% of…
