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RUSSIA: Government May Renew Ban on Diesel Fuel Exports

RUSSIA
  • According to Kommersant sources, the government is considering banning exports of diesel in the event of a sharp increase in costs. This year, restrictions were imposed only on gasoline. At the end of 2023, the government banned the export of diesel fuel abroad but due to the risks of reduced oil refining, pipeline exports were resumed two weeks after the ban.
  • Rosneft’s CEO called for deepening cooperation with China "along the whole value chain" in energy and related sectors, Vedomosti report. He said Russian businesses are prepared to ensure China's energy security and further increase supplies of oil, gas and coal. Russian exports of energy resources to China grew by 4% in the first half of 2024.
  • June industrial production data is on the docket this afternoon (17:00BST/19:00 local time), where production is expected to increase 4.5% Y/Y (Prior: +5.3%). Looking ahead, the CBR rate decision takes focus on Friday.
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