Abundant Russian Supply Causes Drop In Refinery Margins

Global refining margins have halved since February as Russian crude exports remain elevated despite sanctions, boosting fuel output from China and India, Reuters has reported, noting the coming boost in global refining capacity. In March, refinery output from China and India—Russia’s biggest oil clients currently—hit a record and exports of fuels are also up. That’s despite price caps on Russian crude oil and fuel exports aimed at curbing revenues. The caps were also widely expected to shrink Russia’s crude oil…