OREANDA-NEWS In the first half of March Russian oil refineries reduced oil refining volumes by six percent. This is stated in a Kommersant article.

This trend is connected with difficulties in organizing exports of oil products in the direction of Europe and North America as well as with the beginning of repairs at some refineries. Problems with sales of petroleum products and crude oil for Russian producers appeared at the end of February due to the situation in Ukraine.

A lower growth in consumption will balance the market in the face of the loss of Russian oil, it is also designed to contribute to the release of raw materials from the strategic reserves, analysts said.

The rejection of Russian oil implies that its price could rise to $ 300 per barrel.