Moscow — Russian oil refineries cut gasoline output to a 15-year low of 2.477 million tons in May amid a global deal to curb crude supplies and coronavirus-related lockdowns, energy ministry data and Reuters calculations showed.
They also showed that volumes of primary oil processing REF-RU-TPUT declined to a seven-year low of 21 million tons last month.
Demand for fuel has been dented by the economic fallout from the COVID-19 pandemic and lockdowns to combat it.
A global deal to cut oil production in order to bolster prices has also led to the decline in refining volumes.
The data showed primary oil processing volumes fell in May by 7.2% on a daily basis from April. Seasonal maintenance of refineries also led to lower output.
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*Natalia Chumakova; Vladimir Soldatkin; editing: Mark Potter – HP