Russian oil refining has fallen to its lowest level since 2009, Bloomberg reports, citing OilX

Russian oil refining has fallen to its lowest level since 2009, Bloomberg reports, citing OilX.

Pay attention to the dark blue arrow, that is refining for 2026. In March, Russia refined 4.69 million bpd, setting a 17-year anti-record. In theory, April should be even lower.

In pre-Covid 2020, Russia at its peak refined 5.96 million bpd.

True, with oil prices like these, this does not hinder Russia’s earnings too much: it simply exports more crude oil than refined products. The decline in refining may have more of an impact on the domestic market, causing shortages during periods of peak demand.