Russia's daily crude oil processing has dropped by 4% so far in February compared to the first half of January, and by 8.6% versus the first half of February 2023
Russia’s daily crude oil processing has dropped by 4% so far in February compared to the first half of January, and by 8.6% versus the first half of February 2023, according to Reuters’ sources and calculations. The drop comes as Russian refineries and other energy infrastructure have been targeted and hit by Ukrainian drone attacks in recent weeks.
The lower supply of middle distillates, which include diesel, from Russia has been tightening the global product market in recent weeks, on top of trade flow shifts as tankers avoid the Red Sea/Suez Canal route due to the Houthi attacks on commercial vessels.
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