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OIL
Russia’s average daily oil processing fell to its lowest level since late July in the week to Aug. 23, as refineries head into maintenance season, according to Bloomberg.
- Refining runs averaged 5.58m b/d from Aug. 17-23, a decline of around 75k b/d on the week.
- Average crude processing for August to date stood at 5.61m b/d as of Aug. 23, at a similar level to July.
- Despite maintenance due to take place, refiners have an incentive to maximise runs in August as subsidies for domestic automotive fuel supplies will reduce by 50% in September.
- Crude flows to domestic refineries in Russia are a key indicator for oil output as the country does not disclose its official data.
- Russia has agreed to keep crude production capped through 2024 to stabilize the global oil market, while pledging to cut August crude exports by 0.5m b/d.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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