Russian Government to Lift Oil Export Restrictions

The Russian government is preparing to lift its restriction on diesel exports in the next few days, according to the daily Kommersant, citing unnamed sources. According to the publication, the prohibition would be eased only for pipeline exports of diesel, and amounts may be subject to quotas to avoid wholesale price increases. For now, the prohibition on petrol exports will stay in effect.

According to Kommersant, the Russian oil pipeline monopoly Transneft's storage facilities are practically empty, and redirecting extra quantities to the domestic market is nearly technologically impossible.

On October 3, Russia stated it would not set a timetable for the petroleum export ban it imposed last month.

Despite being one of the world's top oil producers, Russia has suffered gasoline and diesel shortages in recent months as high export prices made it more advantageous for refiners to sell their products abroad.