Russia's diesel export ban jolts global energy markets
Russia's ban on diesel exports has caused price spikes in Europe and the US, threatening agriculture, power, and transport. Diesel accounts for the largest share of global oil consumption, and tight supply due to post-pandemic demand, refinery closures in the West, and the Iran war has been exacerbated. Russia is the world's second-largest diesel exporter; its exports were already slowing due to domestic shortages from Ukrainian drone attacks. Loadings from Russia were 234,000 barrels per day from July 1 to 10, down from 400,000 bpd in June and the 2025 average of 817,000 bpd. A fresh wave of US attacks on Iran further pressured supply, reviving concerns about vessel movements through the Strait of Hormuz. US data showed an inventory draw of over 4.5 million barrels of diesel to 97.8 million as of July 3, 6% below the five-year average.
Key facts
- Russia banned diesel exports this week.
- The ban caused price spikes in Europe and the US.
- Diesel is the largest share of global oil consumption.
- Supply has been tight due to post-pandemic demand and refinery closures in the West.
- The Iran war has further strained the market.
- Russia is the world's second-largest diesel exporter after the US.
- Russian diesel exports were already slowing due to domestic shortages from Ukrainian drone attacks.
- Diesel loadings from Russia were 234,000 bpd from July 1 to 10, down from 400,000 bpd in June.
- US attacks on Iran revived concerns about Strait of Hormuz vessel movements.
- US diesel inventory was 97.8 million barrels as of July 3, 6% below the five-year average.
Entities
Institutions
- Kpler
Locations
- Russia
- Europe
- United States
- Moscow
- Iran
- Strait of Hormuz
- Middle East