Oil refining in Russia rose to the highest level in the last seven weeks as seasonal repairs at oil refineries (refineries) were completed. This was reported by Bloomberg.
The country processed 5.48 million barrels of oil per day in the week to October 25, according to a source familiar with the situation. That’s almost 210,000 barrels per day more than a week ago, according to the publication’s calculations based on historical data.
Refining volumes increased with the completion of planned maintenance works that will continue until November. “This brought Russia’s average daily refining rate to 5.31 million barrels per day between October 1 and October 25, but this was still below the 5.38 million barrels per day forecast for most of September,” the agency writes.
The world market is closely watching Russia’s seaborne exports as well as its domestic oil refinery as it tries to determine production levels after Moscow stopped publishing official production data. “Russia’s oil supply has been steadily increasing recently, indicating that the Kremlin’s resolve to limit supply may be weakening,” the publication explains.
Russian refineries will continue to increase processing, according to Victor Katona, chief crude oil analyst at market data firm Kpler. “Russian oil refining’s new target is about 5.8 million barrels per day by December,” he said.
According to the data, if the predictions come true, oil refinery production in Russia during the winter months will return to the levels of early April.
Before that, it was known that Saudi Arabia would not be able to do so for the first time in six months. increase Oil price for Asia.
Formerly World Bank named A situation where oil rises above $150.