Russian Crude Refining Surging After U.S. Sanctions

Russian refineries are processing more crude oil in the hope of boosting fuel exports after the Biden administration imposed fresh sanctions on Russian crude. The sanctions have targeted Surgutneftgas and Gazprom Neft, two Russian oil firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls a day in 2024. "We have to utilize oil processing as much as we can in order to use (the sanctioned) oil," a Russian industry source said. Middlemen who supply Russian oil have stopped offering cargoes after the latest…