Russia’s Announced Six-Month Ban on Gasoline Could be Bearish for RINs

Russia’s Announced Six-Month Ban on Gasoline Could be Bearish for RINs

Russia declared a six-month export ban on gasoline effective on March 1, 2024. The ban is intended to stabilize domestic prices and allow for extended refinery maintenance.

Drone attacks and fires have damaged or disabled several Russian refineries in recent months, including Lukoil’s Novgorod refinery. The Novgorod refinery is Russia’s fourth largest. The ban is expected to safeguard domestic supplies ahead of Russia’s peak demand season, June through August.

This is the second gasoline export ban enacted by Russia in less than six months. A similar ban was imposed between September and November 2023. However, there are several differences.

One major difference, according to Oilprice.com, is “there are no plans to ban diesel exports.” A diesel export ban would have exasperated fears within the diesel supply market, especially for Europe and Brazil.

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