Russia reopens petrol exports amid strategic self-imposed limits
Russian refineries can export petrol again. Russia is lifting the ban, but only temporarily. The "export window" will be open only from 20 May to 30 June. As Deputy Prime Minister Alexander Novak explained, "it is important to prevent excessive storage in refineries."
Russia has managed to meet the demand for domestic petrol supplies. Refineries can export it again, although the time will be limited. According to the decree signed by Prime Minister Mikhail Mishustin and published on Monday, refineries can export petrol only from 20 May to 30 June - Bloomberg reports.
The communiqué explains that the decision was also made "to prevent a decline in oil processing in individual refineries due to excessive petrol inventories."
Russian self-limitations
Russia has limited the sending of petrol to foreign markets from 1 March for six months. This was supposed to help avoid domestic fuel shortages and price spikes. It was only partially successful.
During this time, Ukrainian drone attacks on Russian refinery infrastructure significantly reduced processing capabilities, necessitating shutdowns of some plants.
Ultimately, seasonal production increases helped cover the losses and saturate the market - Bloomberg points out. As the agency recalls, in February, just before the ban was introduced, Russia was selling abroad about 22,500,000 litres of petrol per day, which accounts for nearly 14% of the total production.
Deputy Prime Minister Alexander Novak argued that the Russian fuel market is stable, and "the economy, companies, and citizens are fully supplied with oil products" - he emphasised. "It is important to prevent excessive storage in refineries," he added.
