No Further Unwinding on Russia Diesel Ban: Novak

Russian Deputy PM Alexander Novak said there are no plans to further unwind diesel export restrictions at present.

• “There are no decisions yet,” Novak told Bloomberg reporters in Beijing. “But if there are any problems, they will be considered by the Energy Ministry.”
• The Russian seaborne diesel export ban is largely lifted but 50% must be kept for the domestic market to ensure plentiful supply.
• Diesel must be supplied to ports via pipeline while supplies via railways remain banned.
• The ban was unwound to avoid overstocking in Russia and the potential to dent runs which are recovering in the country as peak Autumn maintenance unwinds. This will also help Russia stick to its 300kbd crude export cut until the end of the year by allowing greater flows into domestic refineries.