Deputy Prime Minister Alexander Novak said that Russia is not considering banning diesel exports and emphasized that the measure of not selling gasoline abroad could be lifted at any time if the market becomes saturated.
During a visit to Iran, the Kremlin's energy sector chief stated: "The situation in the domestic petroleum products market is stable. This measure is preventive, meaning we do not have shortages today. We look ahead and ensure the balance of supply and demand for the future."
"This is a completely normal situation. When the market is saturated and there is surplus, measures will naturally be taken to lift the export ban."
On Tuesday, Russia ordered a six-month ban on gasoline exports starting March 1 to maintain stable prices amid growing demand from consumers and farmers, as well as to allow for maintenance of the refineries of the world's second-largest oil exporter.
Domestic fuel prices are sensitive for motorists and farmers in the world's largest wheat exporter ahead of the presidential elections from March 15 to 17, while some Russian refineries have been targeted by Ukrainian drone attacks in recent months.
Novak also said that Russia's current oil pumping stands at around 9.5 million barrels per day, and the country's oil and condensate production is expected to be between 520 million and 530 million tons in 2024.
During Novak's visit to Tehran, Iranian Oil Minister Javad Owji stated that Russian companies are willing to participate in petrochemical production projects in the Islamic Republic.
The two major oil-producing countries have drawn closer since Russia ordered the entry of tens of thousands of troops into Ukraine in February 2022.
