The Tuapse oil refinery, situated on the picturesque shores of the Black Sea and falling under the ownership umbrella of Rosneft, currently finds itself in a state of dormancy, with no immediate plans to resume operations in the present month. Despite diligent inquiries for an official statement, Rosneft, a behemoth in the Russian oil production realm, has maintained a conspicuous silence on the matter.

In recent weeks, the Russian oil industry has weathered a storm of challenges, grappling with a string of refinery shutdowns triggered by fires or suspected drone attacks. These unforeseen disruptions have prompted authorities to take preemptive measures aimed at curbing fuel exports to safeguard the stability of the domestic market.

Adding to the industry's woes, insiders privy to the sector's intricacies have disclosed that Novatek, yet another heavyweight entity in the Russian energy landscape, faces hurdles in resuming gas condensate processing at its beleaguered facility nestled in the Baltic Sea port of Ust-Luga within the ongoing month.

The disruption at the Tuapse oil refinery can be traced back to a harrowing incident that unfolded on January 25th. Renowned for its prowess in processing light grade Siberian Light, this export-oriented refinery boasts an admirable annual capacity of 12 million metric tons, roughly translating to an output of approximately 240,000 barrels per day. Among the plethora of products emanating from its production lines are naphtha, fuel oil, vacuum gasoil, and high-sulfur diesel, which predominantly find their way to markets in Turkey, China, Malaysia, and Singapore. Notably, in the calendar year 2023 alone, the refinery handled an impressive volume of approximately 9.322 million metric tons, equivalent to about 186,000 barrels per day, of oil.

Shifting our gaze to a different corner of the globe, Venezuela has recently secured all the requisite components necessary to initiate a comprehensive maintenance program at the El Palito refinery, a facility boasting a daily capacity of 146,000 barrels. The scheduled maintenance endeavor is slated to unfold over a span of roughly 20 days. It's imperative to note that Venezuela's state-run oil titan, PDVSA, embarked on a transformative journey aimed at modernizing its aging refinery infrastructure with the invaluable assistance of Iranian state entities back in the year 2022. Against this backdrop, a recent tour of oil facilities witnessed the convergence of oil ministers from both Venezuela and Iran, convened with the sole purpose of conducting a comprehensive assessment of various joint initiatives, with a particular focus on the ongoing repair initiatives at the El Palito refinery, as divulged by Tellechea during interactions with journalists.