Global Diesel Stocks Set to Shrink After Russia Export Curbs
Global diesel stockpiles are likely to come under pressure and prices for the fuel could rise after Russia broadened a ban on its export, adding to shortages caused by the Iran war, the Financial Times reported Thursday. Earlier this week, Russia reportedly expanded the scope of a temporary ban on exports of diesel fuel, marine fuel and gasoil to include petroleum product producers as it seeks to maintain stability in the domestic fuel market. US President Donald Trump has said his country's interim peace agreement with Iran was over. Renewed hostilities between the two countries has also slowed down the flow of diesel and other products from the Persian Gulf. While crude oil prices have fallen from more than $100 a barrel during the Iran war to about $70, diesel still costs around $135 a barrel which means motorists are yet benefiting from cheaper crude, the report said.
Global diesel stockpiles are likely to come under pressure and prices for the fuel could rise after Russia broadened a ban on its export, adding to shortages caused by the Iran war, the Financial Times reported Thursday.
Earlier this week, Russia reportedly expanded the scope of a temporary ban on exports of diesel fuel, marine fuel and gasoil to include petroleum product producers as it seeks to maintain stability in the domestic fuel market.
US President Donald Trump has said his country's interim peace agreement with Iran was over.
Renewed hostilities between the two countries has also slowed down the flow of diesel and other products from the Persian Gulf.
While crude oil prices have fallen from more than $100 a barrel during the Iran war to about $70, diesel still costs around $135 a barrel which means motorists are yet benefiting from cheaper crude, the report said.