Idle Refineries Could Complicate Russia’s Oil Export Cuts

Russia will have more refining capacity offline this month than initially planned, Reuters has estimated, which could mean that Moscow may not deliver the 500,000-bpd crude oil export cut it has promised for August. Some big Russian refineries have extended their respective periods of maintenance into July, which resulted in higher-than-anticipated idle refining capacity this month, according to industry sources and estimates from Reuters.      Early last week, Russia’s Deputy Prime Minister Alexander Novak said that Russia…