Novak Puts Global Diesel Supply Gap at 25% of Trade
The Russian deputy prime minister cited restricted Gulf shipments and Russia’s export ban as causes of the diesel shortage.
Key takeaways
- Novak put the global diesel supply gap at about 25% of world trade.
- He cited restricted Gulf shipments and Russia’s diesel export ban as causes.
Russian Deputy Prime Minister Aleksandr Novak said the global diesel supply gap had reached about 25% of world trade. He made the estimate at Russia Energy Week in Moscow.
Novak cited the inability of Gulf countries to ship supplies to international markets and Russia’s ban on diesel exports since July. He said diesel had risen to about $200 a barrel when oil was at $120 a barrel.
Novak called a Russia-US diesel shipment agreement a pragmatic decision that benefited market participants. He also said EU criticism of the deal ran counter to market and consumer needs.
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