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Russia bans diesel exports, diesel shortages lift prices worldwide
Diesel loadings from Russia fell to 234,000 barrels per day from July 1 to 10, and US data showed a draw of more than 4.5 million barrels last week.
Russia has banned diesel exports this week, roiling global energy markets by worsening already tight supply of the industrial fuel and pushing prices higher, according to Reuters. The move is expected to ripple beyond countries that no longer buy diesel from Moscow because diesel is widely used across industrial machinery, farm equipment, heavy transport, and electricity generation.
Diesel makes up the largest share of global oil consumption, and supply has been constrained for years by strong post-pandemic demand and Western refinery closures. Reuters also cited additional pressure from the war involving Iran, as well as refinery disruptions in Russia that have affected global fuel availability.
Before the ban, Russian diesel and gas oil exports were already slowing due to domestic shortages tied to Ukrainian drone attacks, with Kpler data showing diesel and gas oil loadings of 234,000 barrels per day from July 1 to 10. That compares with 400,000 bpd in June and a 2025 average of about 817,000 bpd.
Reuters added that US actions in Iran revived concerns about vessel movements through the Strait of Hormuz shortly after Russia announced the export ban on Wednesday. US government data released the same day showed an inventory draw of more than 4.5 million barrels of diesel last week to 97.8 million as of July 3, which was 6.0 percent below the five-year average.