SAAFY - Additional cracks showing in Russian energy complex - refineries cutting runs

Last week it was reported that Russia's largest midstream business planned to cap oil production volumes into its pipeline system. Thursday, it was reported that refineries are planning to cut runs, as a drop in European buying has led to overstocking. Reuters reported that the four largest refiners in Russia raised the issue of run cuts with government officials.  Attempts to measure the impact of self sanctioning on Russian exports have seen mixed results, with estimates rising as high as 3.0mb/d, while others indicate exports have largely continued to flow. Thus far, the only measurable impact to exports has come from a terminal outage; a terminal that primarily carries Kazakhstani crude to market. Russia is a key source of distillate fuel for Europe and the world. Shortly after the war began, BP (BP) and Shell (SHEL) stopped selling spot diesel in Germany. Last week, YPF (YPF) cited diesel "scarcity" in the seaborne market. Jet

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Additional cracks showing in Russian energy complex - refineries cutting runs