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Russian Offline Primary Oil Refining Capacity To Rise in August

REFINING

Russian offline primary oil refining capacity is seen rising by 40% in August from July to 3.601 million tons, Reuters calculations showed on Wednesday.

  • An increase in idle oil refining capacity usually incentivizes exports.
  • Deputy Prime Minister Alexander Novak announced last week that Russia would cut oil exports by 500,000 barrels per day in August.
  • Russian crude exports are showing signs of weakening. The four-week average seaborne exports were down by just over 1mbpd on the week to 2.86mbpd in the week to 9 July according to Bloomberg.

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