(Reuters) – U.S. refiner Phillips 66 posted a profit in the first quarter of 2017 (NYSE:), compared to a loss last year. This was due to a low demand for refined products and fuel, which hovered close pre-pandemic levels.

After the Ukrainian invasion, Western sanctions have tightened supply at a time of high fuel demand as economies are reopening after prolonged periods of quarantine.

Houston, Texas-based Refinery Group reported that their first quarter realized refining margins rose from $4.36 per bar to $10.55 per bar a year prior.

Phillips 66 plans to also resume its share buyback program, which was suspended in March 2020 as a response to pandemic.

According to the Houston-based firm, net income for March 31 was $582million, or $1.29 per Share, as compared with $654 million or $1.49 per Share a year ago.