Russia continues to ship out low-cost oil, enabling its biggest clients – India and China – to boost their refining output and exports
. Russian oil products, meanwhile, are being sent in high volumes to oil hubs to be stored and re-exported worldwide.
Demand for gasoil to replace natural gas in power generation has also fallen after spot liquefied natural gas prices eased from all-time highs, the company said. Profit on processing a barrel of Brent crude at a typical European refinery has plunged by about 71 per cent to the lowest since January last year to $3.56 a barrel in April, while refining profit margins in Asia are down by around 57 per cent to $2.54 a barrel in the month.
Gasoline stocks rose unexpectedly last week for the first time in eight weeks, but are still 9.9 million barrels below the 2015-2019 average and 8.8 million barrels below last year’s levels, energy consultancy FGE said.
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