By Charles Kennedy – Feb 19, 2024, 9:30 AM CST
Russia’s oil refinery rates have actually dropped this month by 380,000 barrels each day (bpd) compared to December levels as numerous refineries are under repair work after being struck by Ukrainian drone attacks.
Russian refinery rates slipped to 5.16 million bpd in the 2nd week of February, a source acquainted with market information informedBloombergon Monday.
The decrease compared to the December average– before Ukraine began targeting refineries with drones– has actually been almost 380,000 bpd, per Bloomberg’s estimations.
Far in February, Russia’s refineries are approximated to have actually been processing around 5.21 million bpd of crude, which is the least expensive refinery run rates considering that early October 2023, according to Bloomberg.
Russia’s everyday petroleum processing visited 4% in the very first half of February compared to the very first half of January, and by 8.6% versus the very first half of February 2023, information fromReuters’sources and estimations revealed recently.
The drop in refinery runs comes as Russian refineries and other energy facilities have actually been targeted and struck by Ukrainian drone attacks in current weeks.
Ukraine’s security services have actually beenstriking with drones Russian refineriesspecifically those in southern Russia, in attacks that have actually magnified because the start of the year.
A Ukrainian source informedReuterslast month that the SBU security service “strikes deep into the Russian Federation and continues attacks on centers which are not just crucial for the Russian economy, however likewise supply fuel for the opponent soldiers.”
The Ukrainian attacks and the damages they triggered to Russian refineries have actually minimized Russia’s ability to procedure crude, which has the possible to raise unrefined volumes shipped of Russia however has actually reduced diesel and other item exports.
The lower supply of middle extracts, that include diesel, from Russia has actually been tightening up the international item market in current weeks, on top of trade circulation shifts as tankers prevent the Red Sea/Suez Canal path due to the Houthi attacks on industrial vessels.
By Charles Kennedy for Oilprice.com
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