OREANDA-NEWS  Oil refining in Russia fell to 747.9 thousand tons per day in January 2024. This is reported by Kommersant with reference to sources.

In annual terms, processing decreased by almost 4 percent. Compared to December, the figures decreased by 1.4 percent. During the month, oil workers processed about 23.18 million tons of raw materials.

The reduction in volumes is explained by a decrease in production within the framework of agreements with Saudi Arabia — in the first quarter, Russia pledged to reduce exports of oil and petroleum products by 500 thousand barrels per day, Deputy Prime Minister Alexander Novak explained. Repairs at oil refineries and the disabling of installations due to increased drone attacks were also the reasons.

The main repair campaign at the refinery starts in March, during the period of seasonal growth in fuel demand. In 2024, fewer factories will be affected, but complex supply chains of components due to sanctions may lead to delays.