Russia Stops Fuel Exports. Russia is implementing a policy of banning petrol and diesel exports to all countries, except the countries of the former Soviet Union, temporarily starting September 21, 2023.
This policy, which is implemented as a response to domestic supply shortages, has the potential to disrupt global trade. The Kremlin also began to relax the policy on September 25, 2023, by allowing exports of some ships and diesel with high sulfur content.
However, analysts say that importers will still have to look for alternative sellers until Russia can replenish its own stocks.
On the other hand, traders say that Russia, which is the largest oil producer in the world, is experiencing a fuel shortage due to maintenance at oil refineries, and the ruble exchange rate is weakening.
Russia has tried to address diesel and petrol shortages in recent months but has turned to export restrictions to prevent a fuel crisis, which could be awkward for the Kremlin with presidential elections due to take place in March 2024.
Russia Stops Fuel Exports. The reason is, a diesel ban will have the biggest impact on global trade, because Russia is the largest fuel exporter in the world, apart from the United States (US).
Oil analysts Vortexa revealed Russia shipped an average of 1.07 million barrels per day (bpd) of diesel from the start of the year to September 25, accounting for more than 13.1 percent of total diesel trade by sea.