Russia expects oil exports to rise due to refinery outages
Reuters
Published Mar 14, 2024 12:58
MOSCOW (Reuters) - Russia's energy ministry said on Thursday that it expected the country's crude oil exports to increase due to unplanned maintenance at refineries, news agencies reported.
"The situation is stable, but primary (refinery) output will be less. This is a fact, but there is nothing critical about it, because it means that oil exports will be higher," First Deputy Energy Minister Pavel Sorokin said, according to TASS news agency.
He added that there was no concern about fuel supplies on domestic market, Interfax news agency reported.
Russia has seen multiple outages at its refineries due to technical faults and drone attacks by Ukraine since the start of the year.
Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in what President Vladimir Putin had said was an attempt to disrupt a presidential election this week.
The country, the world's second largest crude oil exporter after Saudi Arabia, had already introduced gasoline exports ban for six months starting from March 1 to keep prices stable.
Domestic gasoline prices are sensitive for motorists and farmers in the world's biggest wheat exporter ahead of the March 15-17 presidential election.
Russia and Ukraine have targeted each other's energy infrastructure in a bid to disrupt supply lines and logistics and demoralise their opponents, as they seek the edge in a nearly two-year-old conflict that shows no sign of ending.
Exports of oil, oil products and natural gas are by far Russia's biggest export, a major source of foreign currency revenue for Russia's $1.9 trillion economy, and ensure that Moscow has a place at the top table of global energy politics.
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Written By: Reuters
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