Russian Deputy PM: Fuel Market Challenging but Controlled
Quick Look
- 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.
AI-generated summary
Why It Matters
The Russian fuel market is experiencing a challenging period, prompting government intervention to ensure adequate domestic supply, particularly during the high-demand summer season.
MOSCOW, June 23. /TASS/. The situation in the Russian fuel market is challenging yet controlled, Deputy Prime Minister Alexander Novak said at the meeting of President Vladimir Putin with Cabinet ministers.
TASS collects key statements of the deputy prime minister.
Situation in Russian fuel market
The situation in the Russian fuel market is "indeed challenging but controlled," Novak said. The Cabinet is using reserves not engaged earlier.
Adopted and prepared support measures
"A package of measures was developed aimed at providing additional fuel supplies, especially now, in the summer season, considering higher demand for oil products," Novak said.
Russian authorities are considering introduction of a full ban on diesel fuel exports.
The Cabinet has prepared and will consider legislative amendments to stimulate fuel supplies to the Russian market in coming days, Novak added.
Operations of oil companies
Vertically integrated oil companies currently "shoulder the main burden of providing fuel to the domestic market," the official said.
Russian oil companies maximized fuel production and supplies "to regions, including those where retail sites owned by vertically integrated oil companies are either missing or present in small numbers, and help jobbers."
Scheduled turnarounds at Russian refiners were postponed to later periods. "The Energy Ministry exercises stringent control over these schedules and optimizes the terms on a going basis," Novak added.
What to Watch
AI outlook — possibilities, not facts
Introduction of a full ban on diesel fuel exports.
Possible · Within days
Open Questions
- What specific reserves are being utilized?
- When will the diesel export ban be considered?
- What are the exact measures to stimulate fuel supplies?
