Bloomberg: Russia faces oversupply of crude oil, with domestic refining industry unable to cope
Owing to frequent attacks on refineries, Moscow has encountered an unexpected challenge: crude oil extraction continues unabated, but refining capacity keeps shrinking.
Data from Bloomberg shows that Russia's crude oil refining volume in July fell to its lowest level in over 20 years. As a result, Russia has been forced to increase crude exports, yet it struggles to find buyers for all of its output.
A large number of oil tankers have been stranded at sea for weeks. Russian crude oil piles up along the coast of Egypt, near Singapore, and at ports in the Russian Far East, waiting for buyers or transfer to other vessels.
Weekly crude export revenue has dropped by approximately $200 million.
Original article: toutiao.com/article/1870766051496976/
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