Russia may restrict exports of diesel and jet fuel due to attacks on refineries and a drop in processing volumes — Bloomberg
Russian authorities are considering possible restrictions on exports of diesel and jet fuel amid Ukraine’s massive strikes on Russia’s oil refining infrastructure, which have led to a sharp drop in refinery utilization rates.
This was reported by Bloomberg, citing sources familiar with discussions regarding the fuel market situation.
According to Bloomberg, sources familiar with the fuel market situation say that the utilization rate of Russian oil refineries has fallen to its lowest level in more than 16 years.
Sources note that oil companies have already been advised to cut fuel exports following a meeting with Russian Deputy Prime Minister Alexander Novak. At the same time, they say, the decision to impose a complete ban on diesel and jet fuel exports is in the final stages of approval, but the exact timing has not yet been determined.
One of the sources emphasized that “the
decision to ban exports of diesel fuel and jet fuel is in the final stages of approval.”
Russia remains one of the world’s largest exporters of diesel fuel. According to estimates, the country supplies about 40% of its diesel production to foreign markets.
Experts note that potential export restrictions could affect both the domestic fuel balance in Russia and global energy markets.
The Russian government is preparing to expand restrictions on the export of petroleum products from the country following a series of successful drone strikes on oil refineries. As a result of the attacks, nearly all refineries in central Russia have shut down, and oil companies have collectively lost about 25% of their total fuel production capacity.
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