Page 13 - RusRPTNov23

The recovery in post-pandemic air travel has boosted aviation fuel demand, leading to a shift in production toward jet/kerosene at the expense of gasoil/diesel. Yields of the latter fuels have reached their lowest levels since September 2009, as reported by the IEA.
Europe's challenges are part of a global struggle to produce sufficient diesel-type fuel, exacerbated by output cuts by Saudi Arabia and other OPEC+ members, which have reduced the supply of crudes rich in diesel. There is currently no indication that these production cuts will be reversed before the end of the year, and they may be extended further if oil prices continue to remain weak in the eyes of producers. As a result, the availability of diesel and heating oil in Europe is expected to remain tight in the coming months.
2.5 Russian economy: steady as she goes says CBR
The Central Bank of Russia (CBR) has released its quarterly macroeconomic survey which highlight the growing economic headwinds Russia is facing, despite prospect of stronger than expected growth this year.
Russia’s central bank interviews almost two dozen reputable and independent economists for their views which are then combined with the CBR’s own research in drawing up the report.
GDP: It was hoped that the twin oil sanctions imposed at the start of this year and massive military spending would drain the economy of blood and lead to a deep recessi0on, but the opposite has happened.
analysts improved the GDP forecast for 2023 to 2.5% (up 0.3 p.p.), the CBR reported. “The forecasts for the next three years and the estimate of the long-term GDP growth rate are unchanged at 1.5% per annum. According to analysts, the change in GDP in 2026 to the 2021 level will be 4.9%,” the CBR said.
13 RUSSIA Country Report November 2023 www.intellinews.com