The average level of oil refining in Russia fell to 5.28 million barrels per day from September 12 to 18, the lowest weekly level since late June.
Russian oil supplies fell last week to the lowest level since July, pushing Russian profits to their lowest level in eight months. Oil exports fell to 3.1 million barrels per day, and the closure of the Kozmino terminal led to a sharp drop in supplies. Bloomberg reported this on Tuesday, September 24.
The four-week average of oil exports fell to 3.1 million barrels per day in the week to September 22, down 115,000 barrels per day from the previous period. Weekly volume decreased by approximately 390 thousand.
The four-day shutdown at the Kozmino export terminal on Russia’s Pacific coast indicates that port maintenance has caused a sharp drop in oil flows.
Thus, gross profit fell to its lowest level since late January on both a weekly and four-week basis as the drop in volumes outpaced the first price increase in three weeks for flagship Urals crude by Russia. That $3-per-barrel increase put the mark back above the $60 threshold sought by G7 nations to impose sanctions on Moscow over its aggression in Ukraine.
Russia’s average oil refining rate fell to 5.28 million barrels per day from September 12 to 18, the lowest weekly level since late June, as Russian refineries began seasonal maintenance.
Let’s add that world oil prices fell significantly due to weak economic data from China and broke through the psychological level of $70 per barrel.
Previously, we wrote that Russia’s income from oil exports fell to its lowest level since February 2024 due to lower supply volumes.
Source: korrespondent
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