Russia announces ban on oil export

The Russian government has announced that it has reintroduced a ban on petrol exports to "maintain a stable situation". The government said in a statement that it has "brought in a restriction on exports of petrol from September 1 to December 31, 2024". The exercise has been carried out reportedly to stabilise prices of fuel in the domestic market after major price hikes. The banned duration would be utilized for ‘planned repairs on the oil refineries’.

Russia had introduced a six-month ban on petrol exports in March, but had to suspend between May and July, saying the domestic market was saturated. The new restriction will not affect deliveries carried out under intergovernmental agreements. In 2023, Russia produced 43.9 million tonnes of petrol, according to official figures.