The Russian government said on Wednesday that it was extending its ban on diesel exports by fuel producers through the end of October, with the aim of preserving stability in the domestic market. The move adds pressure to global energy markets amid supply shortages and rising prices.
Pressure on global fuel supplies
The decision comes as global fuel markets face shortages and a sharp rise in prices, particularly in the United States, where diesel prices have surpassed $6.50 per gallon amid supply constraints caused by the wars involving Iran and Ukraine.
President Donald Trump had expressed support for a ban on US diesel exports, while analysts warned that the move could drive up fuel prices generally.
The Royal Automobile Club in Britain said on Monday that diesel prices at British filling stations had reached unprecedented levels because of the US-Israeli war on Iran.
Repeated restrictions to support Russia's market
Russia has repeatedly imposed restrictions on gasoline and diesel exports to curb rising fuel prices and address shortages caused by Ukrainian drone attacks on oil refineries.
Moscow extended the diesel export ban in late August through the end of September, while allowing supplies to be sent to countries including former Soviet republics and Mongolia under agreements with their governments.
Exports decline during the summer
Russia, usually the world's second-largest diesel exporter after the United States, reduced its exports during the summer before imposing the export ban. The government said the extension was intended to stabilize the domestic fuel market as demand for motor fuel rose during the harvest season.
