Oil market margins have fallen significantly in the previous two months, it has fallen by 50%, Prime news agency, citing Reuters. According to the latter, last week in Europe, it reached last year's lows, dropping to $13.7 per barrel. In the Asian region, it fell by more than 30% to lows of January 2022. As a consequence, profits from refining Brent dropped by 71% in Europe and by 57% in Asia.

Such a state of affairs is contributed by the fact that China and India are producing record amounts of oil products due to the fact that they are buying oil at a discount from Russia. As the agency notes, Russia's discount prevented Western sanctions and restrictions that were designed to reduce its exports. Instead, both India and China, its largest importers, were able to increase production of derivative products. As confirmed by Reliance Industries, an Indian oil refiner, uninterrupted supplies of raw materials from Russia contributed to the margin reduction in the gasoil market.