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The International Energy Agency (IEA) has cut its baseline forecast for Russian oil refining over the next 18 months to approximately 4 million barrels per day – 30% below the level before the invasion of Ukraine.
Source: IEA's monthly oil market report, as reported by Bloomberg
Quote: "Risks remain that even this more cautious assessment may yet understate the problems that Russia's refining complex faces.
Longer lead-times to source replacement parts and the approach of colder weather could compound the stress placed on the Russian system."
