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Joined 2 years ago
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Cake day: July 12th, 2023

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  • I’m curious how an oil refinery in Russia affects global oil prices in any significant way? I would imagine it would lower prices globally.

    Don’t refineries turn oil into fuel, like gasoline? To the best of my knowledge countries don’t typically export gasoline, do they? I thought they exported crude.

    Wouldn’t being unable to refine crude, mean they need to export more crude, since they can’t indefinitely store it, thus bring down oil prices? In the short-term, I wouldn’t be surprised at an increase in global price due to news media/speculation, but long term effect, I could only imagine global crude price going down.

    On the other hand, I would of course think local gas/fuel prices would skyrocket in Russia due to not being able to refine it.

    I’m sure I’m very much wrong in my logic; if someone on the internet wouldn’t mind correcting me with a proper explanation. Of course this is all based on refinery attacks, I didn’t read this specific article, but I am not aware of oil rigs/oil extraction sites being attacked (that would clearly be a separate situation if it is happening).