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REFINING
Russian oil processing was at 5.52mn bpd Jan 1- Jan 10 2024 – down 27,000 bpd or 0.5% from Decembers average according to figures from a Bloomberg source.
- Lower run rates at Gazprom Neft PJSC’s and Bashneft PJSC’s facilities contributed to the weakness.
- The move counters Russia’s usual run increase during winter months to cater for higher seasonal consumption of fuel oil and diesel. Kpler said export restrictions to support the domestic market appear to have helped this winter.
- Kpler has cut its outlook for Russia’s average daily refinery runs in January to 5.54 million barrels from a previous estimate of 5.8 million barrels.
- Run weakness may encourage Russian seaborne crude exports to jump to the highest since May 2023, reaching ~3.66 mn bpd in the first half of January according to Kpler.
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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