MOSCOW: Russia has announced a partial ban on diesel exports until year-end and extended an existing gasoline export ban, Deputy Prime Minister Alexander Novak said on Thursday, as Ukrainian drone strikes continue to cripple refining capacity.
The attacks have at times cut Russian oil refining by nearly 20%, slashing exports from key ports and pushing Moscow close to reducing crude output. Several regions are already reporting fuel shortages.
Novak acknowledged a “small deficit” of oil products but said stockpiles were being used to stabilise supply. The diesel export ban applies to resellers, not producers, who ship about three-quarters of exports via Baltic and Black Sea ports. Gasoline restrictions apply to both producers and resellers but exclude intergovernmental agreements, including with Mongolia.
Russia produced 86 million metric tons of diesel in 2024, exporting around 31 million tons. Following the announcement, low-sulphur gasoil futures’ premium to Brent crude surged over 5%, near a two-month high.
By Reuters
