Russia Temporarily Bans Diesel Exports; European Prices Jump
- Russia is a major supplier of diesel to the global market
- Government has been weighing how to curb surging fuel prices
This article is for subscribers only.
Russia temporarily banned exports of diesel in a bid to stabilize domestic supplies, driving European prices higher in already tight global fuel markets.
So far this year, Russia was the world’s single biggest seaborne exporter of diesel-type fuel, narrowly ahead of the US, according to Vortexa data compiled by Bloomberg. The country shipped more than 1 million barrels a day during January to mid-September, with Turkey, Brazil and Saudi Arabia being among the main destinations.