Russia announces diesel export ban, New York diesel futures soar over 10%
According to reports from CCTV News and other media, the Russian government disclosed on Wednesday that it has begun to implement a diesel export ban. Affected by this news, New York diesel futures rose by more than 13% during the day. This is also the second wave of impact that the international energy market has suffered in the past day. The market had already entered a risk aversion state due to the conflict between the United States and Iran. Separate data showed that the premium of European diesel futures over crude oil surged to more than $60 a barrel on Wednesday, reaching its highest level since at least 2011.
According to reports from CCTV News and other media, the Russian government disclosed on Wednesday that it has begun to implement a diesel export ban. Affected by this news, New York diesel futures rose by more than 13% during the day. This is also the second wave of impact that the international energy market has suffered in the past day. The market had already entered a risk aversion state due to the conflict between the United States and Iran. Separate data showed that the premium of European diesel futures over crude oil surged to more than $60 a barrel on Wednesday, reaching its highest level since at least 2011. It is reported that at a live televised government work meeting hosted by Russian President Vladimir Putin on Wednesday, Deputy Prime Minister Alexander Novak reported that Russia's fuel market conditions have stabilized, but the situation is still very complicated, while demand has increased by one-third. "Today, Russia introduced a ban on diesel exports, which will help increase supplies to the domestic market," Novak said. He added that Russia would begin importing fuel this month. For context, Russia's crude oil processing rates have fallen to their lowest levels in years, as Ukraine has recently focused on attacking energy facilities such as Russian refineries. Many areas have had to implement some degree of fuel rationing, with drivers forced to queue for hours to fill up. On Monday, the Ukrainian military announced that it had used drones to attack the Ormsk oil refinery in Siberia. The facility is about 2,500 kilometers away from the Russian-Ukrainian border and close to the Russian-Kazakhstan border. Ukraine stated that the Ormsk refinery was the largest of the 11 Russian refineries attacked by Ukraine. Affected by this, Russia has introduced a diesel export ban on the basis of already imposing restrictions on the export of most gasoline and aviation fuel. Previously, Russia only banned traders who did not produce their own diesel from exporting the fuel. According to reports, Russia’s export ban on diesel production companies will last until July 31. According to data from the research organization Vortexa, Russia's diesel supply will account for about 11% of the global total in 2025, making it the world's second largest diesel exporter after the United States. Even before the ban was announced, Russian diesel and gasoline exports had already fallen significantly. Vortexa data shows that in the first three weeks of June, Russia's average daily exports of gasoline and diesel were about 490,000 barrels, just over half of 2025 export levels. (