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Russia’s Diesel Export Ban to ‘Aggravate’ Tight Oil Market: IEA

OIL

Russia’s halt to exports of diesel and gasoline will “aggravate” an already tight oil market ahead of winter, according to the IEA as reported by the FT.

  • “This move will aggravate already tight market conditions due to Saudi-Arabia-and-Russian-led cuts in OPEC+ crude production implemented earlier this year,” the IEA said.
  • “Russia’s embargo comes at a critical time and risks disrupting the normal seasonal trend in consumer stock building of heating oil,” the IEA added.

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