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Russian Refinery Runs Supported By High Margins: FGE

REFINING

Russian oil refinery runs are not expected to decline beyond normal seasonal maintenance with support from high margins according to FGE.

  • “The combination of lower feedstock costs for crude and a wider group of potential international buyers for Russian products — notably middle distillates — will keep Russian refinery margins high”.
  • There are more interested buyers for Russian middle distillates supplies than for crude. FSU Q2 3023 runs are forecast to fall by 350kb/d compared to elevated January levels mainly due to seasonal maintenance.
  • They see considerable crude options for China particularly with availability of Venezuelan and Iranian grades growing.

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