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Russia Raises July Oil Processing Rates To 13-Week High

OIL

Russia’s refineries are ramping up after spring maintenance before the country will halve its downstream subsidies from September, Bloomberg data showed.

  • The nation’s primary processing rates averaged 5.68mbpd from 6-12 July, a 13-week high, according to a person with knowledge of the matter.
  • That is up by around 22kbpd from the week before, Bloomberg calculations show.
  • As part of Russia’s pledge to cut exports by 500kbpd in August, Komersant reported earlier, the country aims to export a total of 4.1mbpd of crude oil in August.

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