Russian crude runs rose by nearly 5pc on the month to 22.24mn t (5.2mn b/d) in July, but were 11.6pc lower than a year earlier. Products demand is gradually rising on domestic and export markets after the relaxation of Covid-19 lockdown measures, and margins are recovering from negatives registered in May-June, energy ministry oil and gas refning department director Anton Rubtsov says — margins for Russia's most complex refn-eries were around minus Rbs700/t ($1.39/bl) in June compared with minus Rbs3,600/t in May.
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