REFINING
Russian refining rates remain under pressure – showing limited recovery from the drone attacks according to Bloomberg figures.
- Russian refineries processed 5.24 mn bpd in the April 1-24 period, according to a Bloomberg source - down slightly from March.
- Russia’s average refining rates totalled 5.27 mn bpd in the seven days to April 24, about 0.8% above the previous week’s level.
- Of the facilities hit by Ukrainian drones, only Rosneft PJSC’s Tuapse facility remains completely offline, the person said.
- Other refiners are still recovering or undergoing maintenance work.
- Further drone attacks by Ukraine this week indicate that their threat remains present despite the US calls to stop targeting Russian infrastructure and after the latest aid bill approval.
- US officials are concerned that the attacks on Russian energy will only ramp up global prices as they seek to tackle an ongoing domestic inflation battle during an election year.
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