Daily Energy Report
Daily Energy Report
Russia bans gasoline exports, LNG demand surge, Climate goals at risk, Germany switch to gas, China’s EV invasion, Qatar LNG expansion, India’s coal imports falling, and more.
Chart of the Day: Who Loses if Russia Halts Gasoline Exports?
Summary
Figure (1) above shows Russia’s gasoline seaborne exports by destination. In the Story of the Day below we discuss the ban on gasoline exports. Most exports go to countries in North and West Africa.
EOA’s Main Takeaway
The impact of the ban is limited simply because the number of seaborne exports is small, about 150,000 b/d. Countries affected are countries in North and West Africa such as Libya, Nigeria, and Ghana. The UAE stopped importing gasoline directly from Russia. Even Nigeria may not need as much gasoline as it used to after the start of its 650 kbd Dangote refinery, the largest in Africa. In short, the impact on international markets in limited. It might reduce prices within Russia. See the Story below.
Story of the Day
Reuters: Russia Bans Gasoline Exports for 6 Months
Summary
Russia has imposed a six-month ban on gasoline exports beginning March 1 to stabilize domestic prices due to increased demand and to facilitate refinery maintenance. Russia produced 43.9 million tons of gasoline in 2023, exporting 13% of it, primarily to African nations and the UAE. The ban follows previous reductions in exports and a temporary ban last year due to domestic price hikes and shortages.