Russia Considers Oil Product Export Quota

Russian officials have been asked to consider the introduction of quotas for the export of oil products by Russian Deputy PM Alexander Novak, according to a government statement.

• He instructed the oil companies “to respect the priority of gasoline supplies to the domestic market, even in a situation where export seems more profitable” and not to extract “momentary benefits” at the expense of Russian consumers.
• Reuters reported in late May that Russia was considering a gasoline export ban because of domestic tightness, which was expected to ease as domestic refining capacity returned from seasonal maintenance. It is now at around a 9-week high.