U.S. Secretary of State Rubio says the situation in Iran is not a stalemate.

Industry sources said Ukrainian drone strikes since late October have knocked Russian refining capacity down roughly 30%. The refineries hit include three large central Russian plants in Ryazan, Yaroslavl and the Volga region with combined nominal capacity of about 300,000 t/day (≈2.2mn b/d); Russia’s total primary refining capacity is about 930,000 t/day. Sources said crude runs at Russian refineries were roughly 700,000 t/day (≈5.0mn b/d) at end-October and estimate actual processing may have fallen by as much as 200,000 t/day.

U.S. Strategic Petroleum Reserve crude stocks fell to 279.5 mln barrels last week, the lowest level since 1982.