• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 50 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days e-truck insanity
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Russia Removes Gasoline Export Ban As Domestic Market Stabilizes

Russia has lifted its gasoline export implemented in mid-September, citing a supply surplus of some 2 million metric tons, Reuters reports. 

The lifting of the export restrictions follow a similar move to suspend restrictions on diesel exports by pipeline during the first week of October. Reuters cited the Russian energy ministry as saying on Friday that domestic market saturation had been ensured over the past two months, creating a surplus of motor gasoline. 

The ministry said it could reimpose export bans if that surplus vanished. 

Russia restricted diesel and gasoline exports on September 21 in an effort to stabilize domestic fuel prices in the face of soaring prices and shortages as crude oil rallied and the Russian ruble weakened. Prior to implementing the bank, Russia had raised mandatory supply volumes for motor gasoline and diesel fuel to deal with a supply crunch. 

The ban on diesel was lifted on the condition that at least 50% of producer supplies went to the domestic market. Russia’s diesel exports had been redirected from the European Union following the bloc’s embargo in February this year, to markets in Turkey, the Middle East, Africa and South America. 

In the meantime, Russia will continue its voluntary oil output cuts through the end of this year in coordination with OPEC+; however, the gasoline and diesel bans had made that commitment more challenging. 

Data from the first week of November showed that Russia’s seaborne diesel exports had fallen by 11% in October, compared to September. 

According to the Carnegie Endowment for International Peace, Russia’s gasoline and diesel bans were “partly the result of efforts to protect domestic fuel prices from the vagaries of the market, and partly a consequence of government infighting. It’s also a stark demonstration of how the stresses of the war in Ukraine are revealing themselves in unexpected places.”

ADVERTISEMENT

Also on Friday, the Russian State Duma (parliament) formally reinstated damper payments subsidies to oil refineries, Reuters reported, in an effort to further encourage sales on the domestic market over higher-priced exports. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on November 18 2023 said:
    I want to say "false incentives" or some such term economists use to describe this type of behavior. From the reports anyways Chinese demand falling is the problem which if true nothing Russia can do to change that...or anyone else for that matter although one solution China might attempt is to straight up invade Russia. There is apparently a raging battle for influence over Kazakhstan between the two is the rumor and doesn't take a genius to know why that would be if true. One solution of course might be for someone to point out the need for a change by Russia against Ukraine given the devastating losses of the past 5 weeks...say show a willingness to back down somewhere *ANYWHERE* in that insanity. In the meantime failing that the result continues to be more state of the art Western hardware posting up there. How that affects oil prices doesn't sound bullish sounds like the ultimate in bearishness still to me as no Government on Earth even all together could possibly hope to equal for said fuels from a healthy not wracked by War(s) and inflation consumer.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News