Russia's government has extended a general ban on diesel exports by producers until the end of January, while still allowing some volumes to flow to the global market. The decision was taken to maintain stability in the domestic fuel market, according to a government statement on Saturday announcing the signing of the relevant decree.
On Friday, Deputy Prime Minister Alexander Novak said that alongside the extension of the general export ban, the government is preparing exemptions for certain suppliers to ship diesel to global markets. Similar exemptions were introduced in October and are planned for November. The decree has not yet been published.
Russia relaxed the terms of its export ban this month after US President Donald Trump said he was working with President Vladimir Putin to release Russian diesel back onto global markets. In November, Russia plans to export about 2.15 million tons of diesel, after shipping about 510,000 tons this month, according to Novak.
Regular attacks on the nation's refineries by Ukraine may lead to a reduction in export volumes, but Novak said that reduction would not be significant. As of late October, a total of four tankers had departed Baltic ports carrying Russian diesel.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing