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REFINING
Crude processing at Russian refineries fell marginally in the first nine days of August, according to Bloomberg, driven by maintenance at Rosneft’s PJSC’s Saratov facility.
- Primary processing rates averaged about 5.6m b/d from Aug. 1-9, down around 0.2% on the July average.
- “The slight decline in Russia’s processing rates is almost entirely driven by Rosneft PJSC’s Saratov facility, which halted refining altogether by the end of last week,” said Viktor Katona, the head crude analyst at Kpler.
- The shut-down at Saratov will reduce capacity by around 150k b/d and is expected to last until mid-October.
- Despite the Saratov shutdown, processing rates could remain stable in August at 5.6m b/d as other refiners continue processing crude. There are no expectations for a significant drop in output, according to Bloomberg.
- Mid-September to mid-October will be peak maintenance season for Russian refineries, temporarily reducing crude-processing volumes.
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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