Russian oil refineries experienced a drop in production, contributing to the country’s continued decline in exports in the first quarter of this year, Russia’s central bank said Thursday. According to a report released by the bank, exports of goods decreased from $105.1 billion to $97.9 billion compared to the same period last year. The report does not specifically specify oil export figures.
The decline in Russian merchandise exports has also been attributed to unscheduled repairs triggered by drone attacks on some refineries. Ukrainian drone strikes, in retaliation for Russian airstrikes and infrastructure damage, have disrupted Russian fuel production.
The central bank stressed that the value of exports continued to decline amid external trade constraints and falling global prices of gas, coal and several metals. Falling refinery production has also put downward pressure on exports, he adds. However, the year-on-year decline in export values eased partly due to buoyant oil prices.
In addition, the bank noted that high interest rates and the weakening of the ruble compared to the previous year contributed to a 10% year-on-year decline in merchandise imports.
Earlier this month, Ukrainian drones struck the main refining unit at Russia’s third-largest refinery, Taneco, southeast of Moscow, more than 800 miles from the front line. The refinery has a capacity to process 340,000 b/d of crude oil, while its main refining unit, the one that was affected, is capable of processing 155,000 b/d.
According to Reuters calculations from early April, nearly 900,000 b/d of Russian refining capacity was knocked offline due to Ukrainian drone strikes.
By Julianne Geiger for Oilprice.com
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Russian oil refineries experienced a drop in production, contributing to the country’s continued decline in exports in the first quarter of this year, Russia’s central bank said Thursday. According to a report released by the bank, exports of goods decreased from $105.1 billion to $97.9 billion compared to the same period last year. The report does not specifically specify oil export figures.
The decline in Russian merchandise exports has also been attributed to unscheduled repairs triggered by drone attacks on some refineries. Ukrainian drone strikes, in retaliation for Russian airstrikes and infrastructure damage, have disrupted Russian fuel production.
The central bank stressed that the value of exports continued to decline amid external trade constraints and falling global prices of gas, coal and several metals. Falling refinery production has also put downward pressure on exports, he adds. However, the year-on-year decline in export values eased partly due to buoyant oil prices.
In addition, the bank noted that high interest rates and the weakening of the ruble compared to the previous year contributed to a 10% year-on-year decline in merchandise imports.
Earlier this month, Ukrainian drones struck the main refining unit at Russia’s third-largest refinery, Taneco, southeast of Moscow, more than 800 miles from the front line. The refinery has a capacity to process 340,000 b/d of crude oil, while its main refining unit, the one that was affected, is capable of processing 155,000 b/d.
According to Reuters calculations from early April, nearly 900,000 b/d of Russian refining capacity was knocked offline due to Ukrainian drone strikes.
By Julianne Geiger for Oilprice.com
More important reading on Oilprice.com: