Report: Novak says fuel stocks rise by 430,000 tns after export ban

MOSCOW, Oct 4 (PRIME) – Russia's fuel reserves have grown by 430,000 tonnes after the introduction of an export ban in September, Russian Deputy Prime Minister Alexander Novak told Rossiya 24 TV channel on Wednesday.

“The key measure was a ban on exports of motor gasoline and diesel fuel. This measure had a positive impact on the situation on the domestic market. We have increased stocks by about 430,000 tonnes over this period,” he said.

According to the official, the authorities see that wholesale prices for oil products have decreased in almost all Russian regions after the introduction of the export ban. On the exchange, prices are down from 16% to 20%, he added.

He also said that he held a meeting with the oil companies on Wednesday, where they expressed interest in stabilizing the fuel market situation.

Russia and Saudi Arabia fulfill their oil production obligations in full, and the market is balanced, he also said.

End