MOSCOW (MRC) -- Russia's offline oil refining capacity was revised up by 5.2% from the previous plan to 3.123 million tons in July, according to Refinitiv Eikon data and Reuters calculations, said Reuters.
The offline capacity has also been revised up this month, by 5.6% from the previous plan to 3.889 million tons.
The revision follows adjustments of maintenance schedule by some refineries.
As per MRC, global oil consumption is set to return to pre-pandemic levels by the first quarter of 2022, driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies. Booming consumption from miners, manufacturers, shipping and trucking firms, as well as private motorists, is expected to offset the continued loss of jet fuel consumption from quarantine restrictions on passenger aviation. Global liquids consumption (including biofuels) is forecast to reach 100.6 million barrels per day (bpd) in March 2022, according to the US Energy Information Administration (EIA).
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
MRC