Commodity Market Report
Russian Federation product markets long-term outlook H1 2019
Report summary
In 2018, total products supply was in a position of surplus in the Russian Federation relative to demand. A large diesel/gasoil surplus is growing while the fuel oil surplus is narrowing on the back of ongoing refinery upgrades, as well as run cuts at low complexity sites. Russia has a smaller surplus of LPG, naphtha, gasoline and jet/kerosene. Overall, the Russian Federation has a relatively flat total product surplus in the medium term as high fuel oil yielding refineries struggle with the new export duty system and are forced to reduce crude runs, while others, who have completed upgrades, see a recovery in margins and crude throughputs. It is important to note that rouble price developments do affect refinery operations, and strengthening oil prices coupled with a lag in the rouble recovery has been supporting crude throughputs in 2017 and 2018. In the long-term, relatively stagnant demand results in a stable total product surplus.
Table of contents
- LPG
- Naphtha
- Gasoline
- Jet/other kerosene
- Diesel/gasoil
- Fuel oil
-
Fuel quality specifications
- Gasoline
- Diesel/gasoil
- Fuel oil
- Russian Tax Manoeuvre
-
Refinery investments
- Diesel investments
- Gasoline investments
-
Crude slate
- Crude production
- Crude trade
- Crude quality
- Refinery supply
-
Non refinery supply
- NGLs
- Biofuels
- Net exporter of LPG
- Net exporter of naphtha
- Net exporter of gasoline
- Net exporter of jet/kerosene
- Net exporter of diesel/gasoil
- Net exporter of fuel oil
Tables and charts
This report includes 18 images and tables including:
- Liquid road fuel demand
- Total car parc (passenger vehicle stock)
- Share of car parc by fuel type
- Demand forecast
- Russian oil and product export tax regime
- Refinery capacity investments 2019-2025
- Refinery capacity by type
- Refinery throughputs and utilisation
- Refinery throughputs and utilisation
- Refinery production
- Refinery yields (wt %)
- Product balances - all supply versus demand
- Crude slate by source (2018)
- Change in crude slate (2018-2025)
- Crude slate by quality
- Non refinery supply by product
- Non refinery supply by source
- Historical net product trade
What's included
This report contains:
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