Russia To Ban Export Of Gasoline From April 1 Amid Energy Crisis
· Free Press Journal
While the world is turning to Russian oil after choked supplies from the Gulf region, the country is planning to stop the export of gasoline from April 1.
Visit amunra.help for more information.
The Russian energy ministry is working on a draft to implement the same amid rising demand for the fuel in the country and around the world, according to a Reuters report.
Russian Deputy Prime Minister Alexander Novak on Friday instructed the energy ministry to draft a resolution banning gasoline exports from April 1.
The export ban is expected to remain in place until July 31.
The decision to ban exports for four months could impact global oil prices as the world is already facing an energy crisis due to the United States-Israel-Iran war over the past month.
India Reopens Energy Talks With Russia Amid Global Price Surge: ReportsDeputy Prime Minister Novak said that the war in West Asia has resulted in turmoil in the global oil and oil products market.
This is leading to significant price fluctuations. At the same time, high demand for Russian energy resources in foreign markets remains a positive factor, he added.
The Russian government said in a statement that crude oil processing volumes were similar to last year’s levels, ensuring a stable supply of oil products.
The Russian government often restricts exports of gasoline and diesel to control domestic fuel prices. It exported nearly 5 million metric tons of gasoline last year, or about 117,000 barrels per day, according to the report.
Russia is already 40 percent short of its actual oil export capacity.
Due to Ukrainian attacks on Russia’s oil and fuel export infrastructure, the country has shut down almost 40 percent of its export capacity. Russia is the world’s second-largest oil exporter.
Russia’s three major oil export ports, including Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic Sea, have shut down due to Ukrainian attacks.