Where will Russia's remaining heavy oil products go?
Refinery upgrade projects are reducing Russian heavy product output while this is being amplified by the tax manoeuvre policy that entered its final stage in 2017. Heavy products from Russia are typically exported and used as refinery feedstock, primarily in Europe and the United States. The decline in Russian production is significantly reducing global supply of these refinery feedstocks. This report looks at the dynamics of future Russian heavy feedstock output, analysing where the remaining Russian vacuum gasoil and atmospheric residue exports will go.