Russian refiners boosted crude oil processing to the highest level in nine weeks, as the maintenance season for downstream companies draws to a close. In the week to June 14, Russian refining facilities processed 5.49 million barrels per day of crude, according to a person familiar with the matter.
That was an increase of nearly 194,000 bpd from the previous week and the highest processing rate Russia has seen since the second half of April, historical data showed. Crude supplies from domestic refineries and seaborne exports remain key indicators for oil market watchers looking for clues to Russian production levels.
Russian Deputy Prime Minister Novak has repeatedly said that Russia is fully implementing the production cut plan, the most recent cut was at the OPEC+ meeting in early June. However, strong seaborne exports and a resurgence in domestic crude processing have cast doubt on that claim.