Russian Oil Binge Becomes a Problem for Refiners Who Miss Out
- Processors mull run cuts as profit from processing oil shrinks
- Refining margins of Russian crude buyers still remain healthy
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Sanctions on Russia’s oil sales are increasingly putting those refiners that can no longer buy the OPEC+ producer’s crude at a disadvantage.
In parts of Asia where Russian crude is no longer on the menu because of sanctions, refineries are now making almost no profit from processing Middle Eastern barrels, according to fair-value data compiled by Bloomberg.