Russian Refiners Cut Crude Processing as Hefty Losses Mount

Russia’s refineries have started to reduce run rates and some consider shutting in operations, as the facilities are struggling with hefty losses amid export restrictions, rising oil prices, sanctions, and Ukrainian drone attacks, industry sources have told Reuters. At least three refineries in Russia have recently suspended crude processing, on the back of mounting losses, which are also exacerbated by high borrowing costs amid high interest rates, five sources in the industry told Reuters. The Tuapse, Ilsky, and Novoshakhtinsky refineries...