Russia possesses adequate fuel refining capacity and is even exporting, according to Deputy Prime Minister Alexander Novak. Despite a 20-30% surge in domestic demand due to panic buying and reduced production from refinery attacks, the country is fully supplied.
India's petroleum product exports may rise 25% by FY25, reaching $44.4 billion, driven by Indian Oil Corporation's (IOCL) expansion. New capacity by December 2026 will boost exports, despite India importing 90% of its crude oil.
Indian Oil Corporation's (IOCL) expansion, costing ₹75,000 crore, will increase its refining capacity to 98.05 MMTPA by December 2026. This aims to significantly boost India's petroleum product exports, potentially raising its export share to 15% of total revenues and strengthening the nation's position as a global refining hub.
Russia is experiencing a severe petrol crisis, with widespread shortages, long queues at stations, and public anger. Ukrainian attacks on refineries have disrupted supplies, with about a third of refining capacity reportedly offline. President Putin acknowledged the "problems" caused by these strikes.
Polish PM Donald Tusk cautioned against a political conflict with Ukraine, calling it a strategic mistake. This follows Poland revoking Zelenskyy's top honor after he supported renaming a unit after nationalists who massacred Poles in WWII. Meanwhile, Ukraine's attacks on Russian fuel supplies in Crimea have led to civilian gas sales suspension.
Middle East oil official states refining capacity lost 3 million barrels daily (2020-2023). Market also lost 14 million barrels daily from Middle East producers due to war on Iran, infrastructure attacks, and Strait of Hormuz closure.
