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According to the story, the refinieries are making the money. Are you suggesting that Putin owns lots of refinieries?

• mooreds 4y ago
  According to this: https://oec.world/en/profile/country/rus#monthly-trade-latest-trends https://oec.world/en/profile/country/rus#monthly-trade-lates... as of Jan 2022, Russia exports about 2x as much crude as refined product. A brief google didn't find later numbers.
  • Arnt 4y ago
    Russian companies own (parts of) refineries abroad. I don't know whether there are many of them (and I suspect GP doesn't know either). I know details about two such refineries, and in those two cases I suspect they're currently making a lot of money that will eventually be used to rebuild Ukraine.
• cheaprentalyeti 4y ago
  That's probably part of the problem; I expect that refining is a bottleneck because of the legion of shutdowns that happened in 1q 2020. I also suspect there's a lot of details that aren't mentioned in the article and we'll find out later. In particular I'd like to suggest that the pipeline network (or lack thereof) is functioning as a bottleneck in this case as it is in constricting new drilling.
  • cheaprentalyeti 4y ago
    Also, keep in mind the price of oil in 4q 2019 was roughly $ 60/bbl. This article is looking at spot market increases to make a narrative about refineries when the important bit is the 100% or so increase in one year in the non-spot/longer term market.