The government has ordered Russian fuel producers to prepare for the removal of all remaining export restrictions on diesel and gasoline. The major decision comes after Russia, the world’s top seaborne diesel exporter, imposed a ban on fuel exports on September 21 to address high domestic prices and shortages.
The government partially eased these restrictions on October 6, allowing diesel to be exported by pipeline, but gasoline exports remained restricted. However, Energy Minister Nikolai Shulginov announced on Wednesday that Russia was considering lifting the export ban on some grades of gasoline.
According to industry sources, producers have been informed that exports will reopen from next week. This news has prompted oil companies to draw up export programs and refining plans in anticipation of the lifting of the ban. The lifting of the ban is expected to have a significant impact on the domestic market, as diesel is Russia’s largest export of petroleum products, with almost three-quarters transported by pipeline.
By 2022, Russia exported 4.8 million tons of gasoline, and restrictions had led to a gasoline glut. Officials have indicated that the ban will be lifted once the domestic market stabilizes, and analysts had expected it to be lifted after the recent grain harvest season.
In related news, Deputy Prime Minister Alexander Novak announced that Russia would continue a further voluntary supply cut of 300,000 barrels per day of its crude oil and petroleum products exports until the end of December, as previously announced.
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