Russia to keep exporting gasoline, says Deputy Prime Minister

17 May 2021

London (Quantum Commodity Intelligence) - Russia will not temporarily ban the export of gasoline, according to Russian Deputy Prime Minister Alexander Novak in an interview with local publication Moskovsky Komsomolets.

On April 30, the energy ministry outlined a potential ban on gasoline exports for three months aimed at easing pressure on domestic prices.

But deputy prime minister Alexander Novak said in a television interview that there was no need to ban exports.

“At the moment we have sufficient availability (of gasoline),” he said.

Gasoline stocks amounted to 1.728 million mt on May 5, according to energy ministry data, just above the recommended 1.7 million mt.

Russia exported 5.828 million mt of gasoline in 2020, according to customs data.

The Deputy PM also commented on oil prices and the gradual recovery of global demand, saying that producers would continue to work together to keep prices stable and that a range of $62–$66 per barrel "reflects the current situation."

Looking to the future, the country's strategy for an energy transition would include fossil gas, which would remain competitive in Europe due to its relatively low related carbon emissions, said Novak.

"European regulators are well aware of the important role gas plays in decarbonisation, how reliable and competitive it is compared to other clean energy sources. Thanks to this, its share in Europe's energy balance may remain at the current level of 26% by 2040."

"We may well increase the supply of energy resources to this market, despite the [changing] general dynamics of consumption, if our products have cost and environmental advantages."