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REFINING
Russian refinery runs have narrowly dipped in early March because of seasonal maintenance, a temporary domestic crude production cut and the EU import ban. Calculations are based on industry data seen by Bloomberg.
- Russian refineries processed an average daily 5.59 mn bpd from March 1-8, a 2% drop on February levels.
- If the refineries retain these runs through the whole month, Russia’s crude processing may be the lowest since October.
- Russia intends to cut its crude production in March by 500,000 barrels per day, or around 5% of January output, in retaliation for the sanctions.
- Floating Russian diesel storage has surged over the last month as it struggles to place all its sanctioned barrels into new markets as well as facing longer voyages to market.
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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