Russia's oil refining industry upgrades to cope with rising demand

Platts recently released news, market participants said that in 2022, the Russian oil refining industry will focus on increasing production through transformation and upgrading, with the aim of mitigating the unusual seasonal price surge of petroleum products as domestic demand exceeds pre-pandemic levels.

Sergey Kaufman, an analyst at Finam Investment Group, said: "Russian domestic demand

At the same time, some Russian refineries have been shut down for extended periods of time, making it difficult for the supply of petroleum products to keep up with demand growth

To help regulate the Russian domestic market, the Russian government is preparing further changes to the so-called "damping" mechanism

In addition, Russia is considering gradually increasing the minimum output of oil products that oil producers must sell on the St.

Russia's energy ministry expects domestic demand for petroleum products to grow further in the near future, so it hopes that fuel supplies will increase after refinery upgrades

In 2021, Russia's energy ministry agreed to invest in upgrading 14 of Russia's oil refineries, aimed at increasing gasoline and diesel production

Vitaly Korolev, deputy head of the Russian Federal Antimonopoly Service, said on December 10, 2021: "All these measures will, as far as possible, limit the increase in the price of petroleum products within the expected range