Attacks on oil refineries have caused gasoline production in Russia to plummet by nearly 20% — Bloomberg
Ukrainian strikes on Russian oil refineries have led to a significant reduction in gasoline production in Russia. According to Bloomberg, in August, Ukrainian forces attacked four of Russia’s ten largest refineries, which supply fuel to the country’s most densely populated and industrially developed regions.
According to a Bloomberg analysis based on public statements from both countries, Ukrainian forces attacked oil refineries at least 21 times in August—the highest number of attacks in a single month.
According to EA Analytics, a division of the consulting firm Energy Aspects Ltd., oil refining volumes in Russia are now approaching their lowest level in over 20 years. They estimate that in August, the country refined an average of just over 3.8 million barrels per day. Earlier this summer, when demand typically rises due to vacations and the start of the agricultural season, Russia was refining between 5.3 and 5.5 million barrels per day.
According to the publication’s source, due to a significant reduction in oil refining, gasoline production and its supply to the domestic market fell by nearly 20% in the first three weeks of August compared to the same period last year.
Production of diesel fuel, which is a significantly less popular automotive fuel in Russia, fell by more than 23% during the same period, the source noted. At the same time, domestic supplies fell by only 3% thanks to a ban on the export of most diesel fuel, which Russia imposed this summer.
Before the Ukrainian strikes began, Russia was one of the largest exporters of diesel fuel, accounting for about 10% of global supplies. Now, a significant portion of these volumes remains in the domestic market, which helps maintain relative stability in diesel fuel supplies.
EA Analytics forecasts that refining volumes at Russian oil refineries will rise slightly in September—to nearly 4.2 million barrels per day. “However, there remains a risk that this figure could decline if Ukrainian drone strikes on Russian oil refineries continue at this pace,” said Louis Neve-House, an oil market analyst at Energy Aspects.
Bloomberg reported this.
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