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Recently, the Restad Energy Research Company released a report saying that so far, in the face of European and American sanctions pressure, the Russian oil industry has shown strong resilience, but the most difficult period has not yet come
.
The Russian oil market is resilient
Russian oil market toughRussian oil market tough The Ristad report shows that after a sharp drop of 1 million barrels per day in April, Russia took aggressive measures to increase oil production in June and July, with oil production in July almost returning to the level before the outbreak of the
Russian-Ukrainian conflict in late February.
Ristad analysis said that part of Russia's crude oil production from exports to Russia's domestic refining market is the key to the good performance of the
country's oil industry.
The decline
in the price of petroleum products was offset by the expansion of processing by refineries in Russia taking advantage of the price advantage of crude oil and the increase in demand for local gasoline and other products.
Restald Energy expects Russian crude oil production to remain high in
the near term, supported by high demand for seasonal petroleum products.
Oil exports may be slightly reduced
Oil exports may be slightly reduced or slightly reduced However, there will still be huge challenges for Russian oil producers beyond this fall, as the impact of the EU oil embargo will intensify and the seasonal decline in refinery operating load rates will be exacerbated
by the overall recession expected by Russian officials.
The latest estimate of Russia's average crude oil production in 2022 is 9.
According to Ristad's analysis, the EU's oil embargo on Russia will take effect at the end of this year, but it is impossible to immediately ban 90% of crude oil imports from Russia, and it is unlikely that
Russia will completely ban crude oil imports in 2022.
Refinery production cuts are inevitable
Refinery production cuts are inevitable However, this does not mean that the Russian oil industry will not encounter a major crisis
.
Previously, the Russian Central Bank expected that in the third quarter of this year, the country's national economy will fall by 7.
