(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-based refiner, Houston Petroleum Corporation said that its realized refining margins increased to $10.55 per barrel from $4.36 per barrel a year ago.

Phillips 66 will also be resuming its share-buyback program for the second quarter. It was stopped in March 2020 due to the pandemic.

According to the Houston-based firm, net income for March 31 was $582million, or $1.29 per Share, as compared to a loss in 2016 of $654million, or 1.49 per Share, one year ago.