Novak Says U.S. Diesel Arrangement Could Support Russian Tax Revenue

Russian Deputy Prime Minister Alexander Novak said a planned diesel arrangement with the United States could support Russian refinery output, oil production and tax revenue, as refinery throughput fell to its lowest monthly rate in more than 20 years. Novak called the arrangement “a positive signal” for Russia’s economy. Russian and U.S. officials and companies were negotiating supply contracts, and arranging and loading the first shipment would take time. Russian refineries processed an estimated 3.7 million barrels of crude per day in July. The figure was the lowest monthly throughput rate in more than two decades.

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