Russia extends diesel export ban after record strikes on oil refineries

The Russian government has extended until 30 September a ban preventing direct producers from exporting diesel, marine fuel and gasoil amid record numbers of Ukrainian strikes on oil refineries.

Source: the Russian government, as reported by Bloomberg

Details: The government said the measure is necessary to maintain stability in the domestic fuel market.

Ukraine has attacked Russian oil refineries at least 21 times since the beginning of August. This is the highest number of strikes in a single month since the start of the full-scale war. The attacks have triggered a new wave of petrol shortages across Russian regions.

Before the escalation in strikes, Russia accounted for around 10% of global diesel supplies. Extending the ban will further squeeze global supply, which is already strained by the war in the Middle East.

US diesel inventories have fallen to their lowest seasonal level on record. Faced with fuel shortages, Europe has begun importing diesel from Mexico for the first time in seven years.

Russia introduced the restrictions in early July as a temporary measure and subsequently extended them until the end of August. The ban does not apply to supplies under intergovernmental agreements or humanitarian aid.

Background:

• At the end of August, petrol production in Russia fell to 70% of the usual summer consumption levels.
• Ukrainian strikes have knocked out over 30% of Russia's actual oil refining capacity.

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