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Russia Not Planning on Cutting Fuel Output

REFINING

Russia will not cut its refinery runs or drop oil product output because of EU sanctions according to Russian Energy Minister Nikolai Shulginov.

  • "As soon as the embargo is imposed, we will consider what could come of it. We have no reason thus far to believe that we will see a sharp reduction in processing or output of petroleum products," Shulginov said.
  • With the ban coming into force on Sunday and the embargo on seaborne crude imports active since early December, Russia is set to effectively lose what used to be the largest market for its oil.
  • Russia has proved resilient to western sanctions on its oil exports which have found strength to India and China.
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