Russia prolongs diesel ban affecting global fuel market
Russia has announced the extension of the diesel export ban until September 30, aiming to stabilize the local fuel market amid supply shortages and the closure of many refineries due to drone attacks from Ukraine. The ban also includes the export of ship fuel and gas oils, and it is part of measures to support the domestic market, following the initial ban in July. To compensate for the shortfall, imports from countries such as Belarus and India have increased. This move affects the global market, especially Europe, Latin America, and Africa, where refining margins for diesel are rising amid declining Russian exports, thereby putting upward pressure on fuel prices and increasing demand for alternatives. Russia is the world’s second-largest exporter of diesel, and these export restrictions have a significant impact on market balances and global fuel prices.
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