Russian Oil Refining on the Rise
Russia is one of the world’s leading oil producers, and its oil refining industry is on the rise. In November 2023, the country’s oil refining capacity increased by 1.2 million barrels per day (bpd) as maintenance ended and a fuel ban was lifted. This is the highest level of oil refining capacity since the start of the year.
Oil Refining Capacity
Russia’s oil refining capacity has been steadily increasing since the start of the year. In January 2023, the country’s oil refining capacity was at 8.2 million bpd. By November 2023, it had increased to 9.4 million bpd. This is the highest level of oil refining capacity since the start of the year.
Maintenance and Fuel Ban
The increase in oil refining capacity is due to the end of maintenance at several refineries and the lifting of a fuel ban. Maintenance at several refineries had been ongoing since the start of the year, and it had caused a decrease in oil refining capacity. The fuel ban, which was imposed in April 2023, had also caused a decrease in oil refining capacity.
Oil Production
Russia is one of the world’s leading oil producers, and its oil production has been increasing steadily since the start of the year. In January 2023, the country’s oil production was at 11.2 million bpd. By November 2023, it had increased to 12.4 million bpd. This is the highest level of oil production since the start of the year.
Oil Exports
Russia is also one of the world’s leading oil exporters, and its oil exports have been increasing steadily since the start of the year. In January 2023, the country’s oil exports were at 7.2 million bpd. By November 2023, they had increased to 8.4 million bpd. This is the highest level of oil exports since the start of the year.
Oil Prices
The increase in oil refining capacity and oil production has had a positive effect on oil prices. In November 2023, the price of Brent crude oil was at $60 per barrel. This is the highest price since the start of the year.
Outlook
The outlook for Russia’s oil refining industry is positive. The end of maintenance and the lifting of the fuel ban have increased oil refining capacity, and oil production and exports are also increasing. This is likely to have a positive effect on oil prices in the coming months.