Russia lifts temporary ban on oil exports

SGGPO 11/18/2023 08:23

“ The government has decided to lift the temporary ban on the export of motor gasoline as part of a series of measures to stabilize the price situation on the domestic market,” the Russian Energy Ministry announced.

Russia's gasoline reserves have increased to about 2 million tons. Photo: The Globe and Mail

Earlier, on September 21, Russia temporarily restricted the export of Euro 5 gasoline and diesel fuel to avoid a shortage in the domestic market, causing prices to rise, leading to a situation where Russians had to queue to buy gasoline despite the country's huge oil refining industry. Only four former Soviet countries, Belarus, Kazakhstan, Armenia and Kyrgyzstan, were exempted.

On October 6, the Russian government eased the restrictions, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. The supply of diesel and other fuels by truck and rail abroad was also banned at that time.

However, according to the Russian Energy Ministry, Russian refineries have ensured sufficient domestic supplies over the past two months by maintaining high processing volumes and have surplus gasoline reserves. Spot prices on the exchange have fallen significantly and gasoline inventories now stand at around 2 million tons. Major Russian oil companies have also called on the government to lift the restrictions in recent days, Interfax news agency reported. The Energy Ministry will continue to closely monitor prices and production to make further appropriate decisions.

After Russia announced the lifting of the ban on petroleum exports from November 17, Brent oil prices increased by 3.09% to 79.81 USD/barrel, and WTI oil increased by 3.02% to 75.10 USD/barrel.

Source: https://www.sggp.org.vn/nga-go-bo-lenh-cam-xuat-khau-xang-dau-tam-thoi-post714632.html