Russia's fuel market is "challenging but controlled," according to Deputy Prime Minister Alexander Novak. The government is using reserves and considering a ban on diesel exports to ensure domestic supplies, especially during the summer demand peak. Oil companies are maximizing production and supplies to regions, and refinery maintenance is being postponed.
Russian Deputy Prime Minister Alexander Novak has ordered agencies to create a plan to stabilize the domestic fuel market, considering current regulations. The Federal Antimonopoly Service will monitor prices and take action against unjustified increases.
Russian oil companies are taking steps to ensure domestic fuel supply, increase production, and commission new capacities, according to the government. Special focus was placed on supplying agricultural producers during seasonal fieldwork.
India's state-owned oil marketing companies (OMCs) are expected to see improved profitability due to lower crude oil prices, boosting fuel marketing margins, despite concerns over rising debt and uncertain fuel tax policies, according to a JP Morgan report.
The Russian government has presented a package of measures aimed at prioritizing the domestic market with petroleum products at a meeting chaired by Deputy Prime Minister Novak. The proposals focus on ensuring stable supply and pricing within the country.
Russian Deputy PM Alexander Novak stated the global oil crisis is unprecedented, with a potential shortage within three months if the Middle East conflict persists. He noted 12 million barrels daily are not entering the market and Russia's production is lower than at the start of 2026 but aims to return to previous levels.
Russian Energy Minister Novak stated oil production is slightly below year-start levels due to unscheduled refinery maintenance. He assured a stable domestic fuel market and noted the global energy crisis is unprecedented, exacerbated by Middle East conflicts.
Bitcoin (BTC) dipped to new local lows as US-Iran war tensions and overly optimistic trader sentiment created market nerves. While US stocks showed divergence, BTC faced pressure below $73,000, with $72,000 liquidity eyed. Analysts suggest a potential 'long squeeze' and a need for a market flush.
South Korean Industry Minister Kim Jung-kwan praised gas stations for their efforts in stabilizing the domestic fuel market, which has seen relatively low price increases compared to other nations due to a government price cap scheme.
Ryanair reported a record after-tax profit of €2.26 billion for the year to March 2026, up 40%, while cautioning about oil price volatility and Middle East tensions. Passenger numbers rose 4% to 208.4 million, and revenue grew 11% to €15.54 billion. CEO Michael O'Leary highlighted fuel hedging as a key advantage.
The UK government is temporarily relaxing airline slot rules to allow carriers to cancel or combine flights in advance without losing airport slots, as tensions in the Middle East threaten jet fuel supplies via the Strait of Hormuz. Transport Secretary Heidi Alexander said the measures aim to give families greater confidence and prevent last-minute airport chaos.
The country assured though that it shares the desire to stabilize the global fuel market. Its oil production policy will take into account global supply and demand
Oil prices retreated in Asian trade on Wednesday as investors weighed uncertainty around US-Iran peace negotiations following Washington's unilateral extension of the ceasefire. Brent crude fell 21 cents to $98.27/barrel while WTI dropped 28 cents to $89.39. The Strait of Hormuz saw minimal activity with only three ships passing in 24 hours, keeping supply outlook fragile. Iran has not officially responded to the ceasefire extension, while the US maintains its naval blockade of Iranian ports.
