The volume of utilization at Russian refineries in 2020 fell to the lowest level in the last decade. The economic fallout of the sanctions, the coronavirus, and the fall in oil prices have led to a massive drop in fuel consumption. Being without orders, Russian refineries went into lengthy repairs. Through the Transneft system, supplies fell by 12.5 million tons (to 233.65 million tons). Gasoline stocks turned out to be the lowest in six years, their volumes were reduced by 27% (to 1.2 million tons). The Russian Ministry of Energy recommended that oil companies increase oil reserves at refineries by one third (up to 1.8 million tons) by May 2021 in order to maintain a stable fuel supply situation.
According to experts, fears associated with the possibility of a decrease in global demand for oil are increasing amid outbreaks in China of a new strain of coronavirus previously detected in Europe.
Considering that the Russian economy will face a chronic state budget deficit, tightening of the US sanctions, a decrease in the presence of the foreign business and will grow slower than the world rates, accumulating a lag behind developed countries in 2021. The development prospects of the Russian economy are not foreseen.