.jpg)
1 hour ago
3
Article content
(Bloomberg) — Russia is considering limiting exports of diesel and jet fuel, according to Interfax, as refinery run rates fall to multi-year lows amid Ukraine’s escalating attacks.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Oil companies were advised to curb sales of oil products to foreign markets following a Tuesday meeting with the Deputy Prime Minister Alexander Novak on the domestic fuel market, the Russian news service reported, citing several people familiar with the situation. One of the people said that the decision to ban exports of diesel and jet fuel is at an advanced stage, but the date for the ban hasn’t yet been set, according to Interfax.
Article content
Article content
Article content
If implemented, the ban will add pressure to global oil-product prices as Russia is a key exporter of diesel, selling roughly 40% of the produced fuel to foreign markets.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Ukraine has ramped up attacks on Russia’s energy assets, including refineries and oil pipeline infrastructure, in recent months. It’s a move meant to reduce the windfall revenues Russia has reaped since the conflict in the Middle East got underway.
Article content
Russia’s average refinery runs dropped to 4.69 million barrels a day in April, the lowest in more than 16 years, according to estimates from analytics firm OilX. The intensity of the strikes threatens to send crude-processing rates even lower, just as Russia enters a holiday season when demand for fuels traditionally rises.
Article content
Novak’s press office didn’t immediately respond to a request for comment sent outside normal business hours. In a government statement, published after the Tuesday meeting, Novak emphasized that “reliable and uninterrupted supply” of fuel to domestic market remains a priority.
Article content
“It is necessary to continue constant monitoring of the situation in the domestic oil-product market to ensure coordination between federal agencies and companies, and, if necessary, to develop additional response measures in a timely manner,” Novak said in the statement.
Article content
Advertisement 1
English (US)