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Russian Refinery Runs Ticking Lower Early March: Bloomberg Calculations

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

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