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Russia Set to Raise Oil Exports amid Lower Refinery Runs: Kpler

OIL

Russia’s crude oil exports are expected to rise in the near-term as the country cuts refinery throughput in the wake of Ukrainian drone strikes on facilities, Kpler said cited by Bloomberg.

  • Russia’s refinery runs should be around 5.57m b/d based on seasonal norms, Kpler’s lead crude analyst Viktor Katona said. However, In the first week of February, runs were around 5.26m b/d.
  • “We should be in a season when the stocks are being rebuilt” ahead of spring maintenance,” Katona said.
  • The declining run rates has been led by a partial lifting of a fuel-export ban originally imposed Sep. 2023, coupled with ongoing Ukrainian drone strikes on Russia’s energy infrastructure.
  • The impact of the earlier attacks in now abating as refineries implement repairs and boost output. Only Tuapse remains completely offline.
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