* The source specified that, besides the oil price underlying each scenario, the refining margin would largely depend on the amount of the discount on Urals relative to North Sea oil, a combination of the crack spread on petroleum products on the European market, and the dynamics of wholesale prices in the Russian Federation.
An oil refining margin is calculated by deducting the value of crude oil entering a refinery from petroleum products' value leaving a refinery.
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Average oil refining margin forecast in Russia 2020, by scenario
Russia's oil refining margin was forecast to fall to negative three U.S. dollars per metric ton between May and December 2020 under the basic scenario. To compare, in the first three months of the year, it was measured at ** U.S. dollars per metric ton.
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Argus Media. (April 1, 2020). Indicative average expected oil refining margin in Russia from January to December 2020, by scenario* (in U.S. dollars per metric ton) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 24, 2026, from /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/
Argus Media. "Indicative average expected oil refining margin in Russia from January to December 2020, by scenario* (in U.S. dollars per metric ton)." Chart. April 1, 2020. ÌÇÐÄÆƽâ°æ. Accessed July 24, 2026. /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/
Argus Media. (2020). Indicative average expected oil refining margin in Russia from January to December 2020, by scenario* (in U.S. dollars per metric ton). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 24, 2026. /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/
Argus Media. "Indicative Average Expected Oil Refining Margin in Russia from January to December 2020, by Scenario* (in U.S. Dollars per Metric Ton)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 1 Apr 2020, /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/
Argus Media, Indicative average expected oil refining margin in Russia from January to December 2020, by scenario* (in U.S. dollars per metric ton) ÌÇÐÄÆƽâ°æ, /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/ (last visited July 24, 2026)
Indicative average expected oil refining margin in Russia from January to December 2020, by scenario* (in U.S. dollars per metric ton) [Graph], Argus Media, April 1, 2020. [Online]. Available: /statistics/1132808/oil-refining-margin-forecast-russia-by-scenario/
