Russia to ease fuel export restrictions – Novak

Russia plans to ease non-market measures in the fuel sector, including export restrictions, Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24.

Novak noted that gasoline production exceeds domestic demand by 10 per cent, necessitating exports to prevent refinery overstocking.

He emphasised that restrictions, like export bans, should be used sparingly and replaced with market-driven tools. Ongoing refinery upgrades are expected to boost production and stabilise the market.

The government recently extended temporary gasoline export restrictions until January 31, 2025, limiting exports to direct oil product producers to ensure domestic supply.

Attribution: TASS

Subediting: M. S. Salama