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OIL: Mol Replaces Lukoil Crude With Other Russian Supply

OIL

Hungary’s Mol replaced crude from Lukoil with other Russian supplies in July and will do again in August, said Erste analyst Tamas Pletser based on a 2Q earnings call, cited by Bloomberg.

  • Crude supply dipped in July due to Ukraine’s decision to sanction Lukoil but was offset by lower demand from a planned shutdown of Mol’s Bratislava refinery.
  • Hungary’s Danube refinery is undergoing planned maintenance and set to last until Aug. 16, according to Mol.
  • Pletser sees a risk to Mol from lost access to Russian crude via the Druzhba pipeline and with a less bullish environment from narrower refining margins and Urals/Brent differential.
  • Hungary won’t suffer any oil shortages from the block on Lukoil crude transit with 90 days of strategic reserves and ability to buy Russian crude via Croatia, said Mol CEO Zsolt Hernadi last week.
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