Russia close to cutting oil output due to drone attacks – report

Oil is near a two-week high on a report that Russian oil producers may be forced to cut output due to attacks on ports and refineries.

Reuters reports that Transneft (Russia’s pipeline monopoly) warned producers they may have to cut output following a series of drone attacks on Russian energy assets.

“Transneft, which handles more than 80% of all the oil extracted in
Russia, has in recent days restricted oil firms’ ability to store oil in
its pipeline system, two industry sources close to Russian oil firms
told Reuters.”

WTI crude oil is up 73-cents to $64.03.

This article was written by Adam Button at investinglive.com.