Bloomberg Surveillance · Monday, August 31, 2026
Paul Sankey highlighted the significant impact of Ukraine's attacks on Russian refining operations, noting that Russia was the world's second-largest diesel exporter. He contrasted this with Ukraine's cessation of attacks on Kazakh operations, suggesting a lack of a cohesive strategy to address global product supply issues.
“So, that's another massive issue, which is, again, a little bit surprising because it seems that the administration, the Trump administration, asked Ukraine to stop bombing the Kazakh operations and exports, which, of course, are a Chevron, mainly a Chevron project. They seem to have done that, but they haven't backed off the incredible kinetic attacks that they're doing against Russian refining.”
“And that, basically, Russia was the second biggest diesel exporter in the world, and it's really, really struggling right now.”
“So, There's two things really. For example, Kuwait was the biggest supplier of jet fuel to Heathrow. That hasn't been addressed. That whole product complex that was coming out of the Hormuz simply hasn't been addressed.”