The ban took effect on Thursday and has intensified the already tense global fuel markets. This is because the demand is expected to increase during the winter months, while many global refiners are unable to increase their production capacity.
In Asia, this issue is further exacerbated by China’s aviation industry recovering at a fast pace, leading to a higher demand for jet fuel.
Meanwhile, Russian Deputy Energy Minister Pavel Sorokin has stated that the ban on the export of gasoline and diesel fuel has been imposed indefinitely.
According to him, some unscrupulous market participants have been exporting a significant volume of fuel. So these restrictions are intended to restore stability in the domestic market, and there are no plans to lift the ban until these goals are achieved.
Something suggests they’ll work it out with China somehow, which can’t be said for the EU