crude

Its entrance is sealed with a crude brick-and-mud wall, and an overgrown bougainvillea, bright with pink blooms, spills over the front boundary.

The industry argues that subsequent falls in the price of crude oil demonstrate that the "windfall" has now ended and that taxation should reflect that change.

"It has not been shut down yet, but it is already running at a reduced level compared to normal," Vucic said, weeks after sanctions cut off the refinery's supply of crude oil.

The continued drop in diesel crack spreads remains a weight for crude, he adds.

Oil companies are pumping out crude at a record rate, and demand can’t keep up.