Russian government says fuel market is ‘partially stabilizing,’ with gas station lines easing
Russian Deputy Prime Minister Alexander Novak said government measures have partially stabilized the fuel market.
Speaking to Vesti, Novak cited a package of steps — a ban on petroleum product exports, market saturation through imports, higher production volumes, and rescheduled refinery maintenance — as factors behind the shift.
“We can see that these measures are producing results and the market is already partially stabilizing — restrictions are being lifted in many regions, and this is visible from the number of operating gas stations and the reduction in lines,” Novak said.
He added that in some regions “the situation remains tense today, and we have been working in a hands-on, targeted mode with companies to discuss how to supply those regions with petroleum products.”
According to the Russian business daily Kommersant, Russian oil refineries are gradually returning to fuel sales on the St. Petersburg exchange. The refineries in question have a combined oil processing capacity of around 40 million tons per year. Several large facilities processing more than 45 million tons of oil annually have yet to resume trading.
Analysts polled by the outlet cautioned against expecting a quick market recovery. Supply and demand cannot be rebalanced overnight, they said, and a meaningful increase in production will only become possible closer to the end of the year.
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