Russia halts diesel exports through July 31 after refinery strikes
Why it matters: European diesel margins hit a record $60.17 a barrel as shortages spread across parts of Russia.
Russia stopped diesel exports on July 8 and said the ban will run through July 31 as Ukrainian drone strikes on refineries tightened fuel supplies and pushed up prices in some regions. Deputy Prime Minister Alexander Novak said long lines had formed at filling stations and that Russia would begin importing fuel in July to support the domestic market. The move also jolted overseas markets: benchmark European diesel margins rose to a record $60.17 per barrel. Russia’s seaborne diesel and gasoil exports had already fallen 39% in June from the previous month to about 1.8 million metric tons.