Russia Extends Diesel Export Ban Through October

Russia will extend its ban on diesel exports for all fuel producers to October 31, Vedomosti reported Tuesday, citing delayed refinery maintenance and the need to rebuild fuel reserves before winter. The ban, expanded in July from traders and small refineries to cover all producers, had been due to expire September 30. Diesel on the St. Petersburg commodity exchange traded at 70,546 rubles a ton in early September, and retail prices reached 88.44 rubles a liter on September 7, up 18.4% since the start of the year. Russia's Energy Ministry said the current restrictions "may be adjusted" once supply volumes stabilize and reserves reach adequate levels, without naming a specific threshold. Russia's six largest diesel refineries account for roughly half the country's production, and three of them Kirishi, Volgograd and NORSI are now shut or running at about a quarter of capacity due to Ukrainian drone strikes.