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08.07.26 - 19:54
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Russia Bans Diesel Exports, Assuring Even Higher Prices (ZeroHedge)
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Russia Bans Diesel Exports, Assuring Even Higher Prices
As was widely speculated in recent days, Russia banned exports of diesel in order to avoid domestic shortages after a flurry of attacks by Ukrainian drones on the nation's refineries.
“Today we introduced ban on exports of diesel,” Deputy Prime Minister Alexander Novak said at the government's meeting with President Vladimir Putin.
The decision will further squeeze global fuel markets, which are already under pressure due to the supply disruption caused by the Iran war. Russia's decision means that the recent surge in the diesel margins to record highs, which have completely disconnected with oil prices, are set to rise even more.
Last year, Russia accounted for about 11% of global supplies of diesel, according to data compiled by Bloomberg from analytics firm Vortexa.
The logical corollary is what the DOE reported earlier today, namely that US product exports - which include diesel and other refined products - surged to a record...
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