Russia's fuel production plummets after explosions at major refineries: the exports had to be sharply reduced

After explosions at major refineries in Russia, diesel production in the country will fall by 7.5% month-on-month, namely to 7 million tons. Exports of diesel fuel will be sharply reduced to meet domestic demand for fuel.

It is reported by Reuters, according to the estimates from two market sources. The reason for this are a series of explosions at Russian refineries. The Ryazan refinery, controlled by Rosneft, shut down most of its diesel hydrotreating capacity. Production of high-quality diesel fuel at the plant will be reduced by 60% this month.

Output at the Omsk refinery, owned by Gazprom Neft, will be reduced due to a power outage at the main unit of the ELOU-11 after a fire that followed an explosion. The Perm and Volgograd refineries, which have shut down their hydrocracking units, as well as the Novokuibyshevsk refinery, will also face a reduction in diesel output, market sources said.

The reduction in refined product exports may reflect strong demand or potential ongoing problems in the sector in Russia in August.

Due to the decline in diesel production, Russian oil producers will sacrifice exports: its volumes in August fell to a minimum of almost a year - 2.7-2.8 million tons, according to Reuters.

Earlier, it was reported that Chinese banks have almost completely stopped accepting direct payments from Russia due to fears of being subject to international sanctions. Only 2% of financial institutions accept money from the aggressor country.

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