The Russian Ministry of Energy announced today, Friday, that Moscow has lifted the restrictions on gasoline exports following the cancellation of most restrictions on diesel exports last month, citing a surplus in supply as wholesale prices have declined. The ministry indicated that it might reinstate the export ban if necessary, adding that gasoline stocks have risen to about two million metric tons.
The ministry stated today, "Over the past two months, with the continued refining of large amounts of oil... the domestic market has become saturated and there is now a surplus in gasoline supplies." It added, "The decision has been made to lift the temporary ban on gasoline exports."
The removal of the ban could complicate Russia's efforts to reduce its oil and gasoline exports by 300,000 barrels per day until the end of the year. Russia has confirmed that it will continue its voluntary additional supply cuts until the end of the year, as previously announced in coordination with the OPEC+ alliance. Officials mentioned that the ban will be lifted once the domestic market stabilizes. Analysts expect the restrictions to be lifted after the completion of the grain harvest.
