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500-600kbd of Russian Processing Could be Offline this Quarter: IEA

REFINING

About 500,000-600,000bpd of Russia’s crude processing capacity could be offline this quarter on a gross basis, before offsets because of the Ukrainian drone attacks according to the IEA’s monthly report.

  • The IEA said the loss of processing “could mean a significant loss” of Russian oil-product exports, impacting global markets.
  • Russia’s official weekly refinery output data through late March indicates crude runs at 5 mn to 5.2 mn bpd, rather than the 4.6 mn bpd that a bottom-up assessment of the refinery outages would indicate, according to the IEA with some of the nations refineries relatively quick to come back online.

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