 "Russian oil")
As the Russia-Ukraine war goes well into its fourth month, the global energy markets remain in turmoil. While the prices of crude oil and natural gas have soared, so have gross refining margins (GRMs) for petroleum products.
This is an unusual situation. When crude oil and gas prices are high, refiners normally find it difficult to pass on the entire increase. However, the war has also resulted in the shutdown and sanctions of refining capacities and the lockdown in China also contributed to shortages in refined products. This has led to soaring refining margins.
In addition, data suggests that India’s imports of
