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Refinery Outages Force Russia to Redirect Crude to Export Markets
Russia is preparing to sharply increase crude oil exports this month after Ukrainian drone strikes disabled two major refineries, leaving excess unprocessed crude with no domestic outlet and prompting a shift toward western port shipments. According to Reuters, crude shipments from Russia’s western ports could increase to 2 million barrels per day in August, about 200,000 bpd more than previously planned. Spot traders have begun locking in Aframax tankers to handle the sudden increase, as onshore refining options collapse and terminal inventories…
Categories: Oil news