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Russia's Novak Set for Domestic Fuel Meeting Oct 4th: Interfax

OIL PRODUCTS

Russian Deputy PM Alexander Novak is set to hold a meeting with Russian oil companies October 4th to have an update on the fuel market situation according to an Interfax source.

  • He said at a similar meeting last week that if prices did not fall, tough regulatory measures would be taken “similar to the fertilizer industry.”
  • Exports of fertilizer are only allowed after domestic demand has been met.
  • An Interfax source at an oil company said that the ban on oil product exports can only last another week or two, otherwise oil refineries will start having problems.
  • Government officials believe oil companies are holding back oil products, a source familiar with the results of the last meeting told Interfax.
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