Russia Keeps Crude at Home to Tackle Domestic Fuel Price Surge
- Exports of Urals crude to drop almost 20% in February
- Fuel prices in ruble terms are highest since at least 2008
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Russia plans to cut its seaborne oil exports from its western ports to a three-month low in February as the country diverts crude into its local refineries to help tackle record fuel prices.
The world’s second-largest exporter will cut overseas shipments of Urals crude by almost 20% in February, according to a loading program seen by Bloomberg. The oil is being diverted to refineries inside Russia, said two people with knowledge of the matter, boosting supplies to domestic markets where fuel prices are the highest in ruble terms since at least 2008.