April 12, 2024
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OIL & GAS RENEWABLE ENERGY

Russia Lifts Gasoline Export Restrictions Amid Surplus and Price Decline

Russia’s energy ministry announced on Friday the removal of restrictions on gasoline exports, citing a surplus in supply and declining wholesale prices. The move comes after the country had already lifted most restrictions on diesel exports in the previous month.

The energy ministry mentioned that it could reintroduce export bans if deemed necessary, highlighting that gasoline stocks had accumulated to approximately 2 million metric tons, according to Reuters.

Russia, is a leading seaborne exporter of diesel, initially imposed a ban on fuel exports on September 21 to address domestic price spikes and shortages. The recent decision to terminate the temporary gasoline export ban might complicate Russia’s efforts to reduce oil and petroleum product exports by 300,000 barrels per day until year-end.

Despite easing export restrictions, Russia confirmed its voluntary supply cut until December in coordination with the OPEC+ group of exporters. Diesel constitutes Russia’s largest oil product export, with approximately 35 million metric tons in 2022, while gasoline exports totaled 4.8 million tons. The government had signaled the potential removal of remaining restrictions in mid-November, contingent on domestic market stabilization post the grain harvest.

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