EU refineries prepare for life without Russian crude
European refiners have strong incentives to adapt to the technological and logistical challenges of the continent turning away from Russia
European refineries are racing to secure alternative supplies and reconfigure their operations ahead of the start of the EU’s ban on seaborne Russian crude imports on 5 December. The refiners are incentivised by record-high margins for diesel and other products, as well as the looming ban on imports of Russian refined products from 5 February. Nevertheless, considerable logistical and technological challenges remain. The G7 countries announced an unspecified price cap on Russian oil shipments in early September as a kind of addendum to the decision to cut out Russian crude imports. However, traders and refiners alike report confusion in the markets as to the precise parameters of the restric
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields