Fuel stocks in Russia, potential ban on diesel exports: Novak’s statements

MOSCOW, June 26. /TASS/. Sufficient fuel volumes have now been secured in Russia to supply the domestic market, Deputy Prime Minister Alexander Novak told TASS.

The authorities are considering imposing a short-term ban lasting a few months on diesel fuel exports for producers, he added. That said, the country currently has an excess of diesel fuel reserves, with the measure needed to ensure greater supply, Deputy Prime Minister noted.

TASS has collected Novak’s key statements.

Country’s fuel situation

Sufficient fuel volumes have now been secured in Russia to supply the domestic market: "We have sufficient fuel on the market."

The authorities are currently restructuring logistics links in the fuel market to meet demand; balancing the market will take some time: "The system’s logistics links are currently being restructured considering demand. Rebalancing the market will take some time."

Consequences of frenzy

The frenzy in the Russian fuel market has led to an artificial surge in demand of around 20-30%: "There is quite a lot of hype, which has artificially boosted demand by around 20-30%."

Possibility of ban on diesel exports

The possibility of banning diesel exports for producers will be discussed at a meeting on the fuel market situation later in the day: "We will review this at the headquarters meeting today."

The authorities are considering a short-term ban lasting a few months on diesel fuel exports by producers: "We are looking at a short timeframe."

Russia currently has a surplus of diesel stocks, with an export ban being discussed to supply the domestic market with larger volumes: "We have a surplus of diesel, which is why a few months are sufficient to supply the domestic market in greater volume and replenish stocks.".