Russia has fully banned exports of diesel after Ukrainian drone strikes on its refineries triggered widespread fuel shortages. Russian Deputy Prime Minister Alexander Novak announced the ban, saying it was intended to increase supplies to the domestic market.
Global Impact
The ban comes at a difficult moment for the global energy market, with the US-Iran ceasefire looking close to collapse. The US has reimposed sanctions on the sale of Iranian oil, depriving the global market of a potential boost to its overall supply.
Global benchmark diesel prices shot up almost 13% on Wednesday, though were down over 3% early morning ET, according to Intercontinental Exchange data. Russia is the world’s second-largest exporter of diesel, behind the US, with its biggest customers being Turkey and Brazil.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
