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IPFS News Link • Oil

Russia's Gasoline Exports Have Surged By 37% This Year

• by Charles Kennedy

The Russian Energy Ministry last month asked oil companies to reduce their exports and raise supply on the domestic market, according to Kommersant's sources.

After a sharp rise in wholesale gasoline prices in May and recommendations from the Energy Ministry to oil firms to curb exports, Russia's daily gasoline exports in the first six days of June were four times lower than the levels at the end of May, Kommersant reports. 

Russia has stopped reporting official data about oil production and exports, much to the frustration of its OPEC+ partners, as the leader of the pack, Saudi Arabia, is reportedly looking to boost oil prices to at least $80 per barrel—the estimated breakeven price for its budget for 2023.

Russia has redirected both crude oil and petroleum product exports after the EU embargoes on imports of seaborne Russian oil. The EU banned crude imports in early December 2022 and embargoed fuel imports from Russia as of February 5, 2023.