In May 2022, due to repairs made at refineries, Russian oil companies reduced processing by 6.4% to 715 thousand tons per day. In this respect writer Kommersant cites sources familiar with statistics.
Daily oil refining in the Russian Federation for 24 days of May decreased by 6.4% compared to the same period of the previous month and became 715.3 thousand tons. This is the minimum value for this year. Oil companies pass the peak of planned repairs at refineries in May, and oil companies are expected to ramp up production next month.
All of this has caused stock prices for fuel to start rising with updated historical highs. However, last week, fuel prices started to fall. According to the interlocutors, the decrease in fuel prices was due to the increase in supply in the stock market at the request of the Ministry of Energy. Another interlocutor of the newspaper pointed out that oil companies now expect a decrease in refining margins due to the decrease in the damper. This, in turn, will create preconditions for the growth of fuel at gas stations.
Market experts think that the increase in oil and petroleum products refining in June will stabilize wholesale prices. However, the final outcome will still depend on domestic demand and supply volumes.
4 May, Deputy Prime Minister Alexandra Novak declarationRussia is currently reducing its daily oil production by 500 thousand barrels compared to February. At the same time, follow-up will be made according to independent sources. This decision is implemented as part of a voluntary reduction in the production of raw materials that exceed the quotas set by OPEC.