Russia re-bans gasoline exports and approaches agreed-upon OPEC+ quotas

Russian Deputy Prime Minister Alexander Novak said on Tuesday that the country’s oil production is close to the quotas agreed upon with the OPEC Plus group, without providing details about the volume of production.

According to CNN, this comes after Russia admitted last month that its oil production in May exceeded the quotas set by the OPEC Plus group, but it pledged to fulfill its obligations.

Meanwhile, Novak announced that Russia will reimpose the ban on gasoline exports starting August 1, and that it is considering extending the restrictions until the fall.

Russia banned gasoline exports for a period of six months, starting from March 1, but exempted an economic union led by Moscow and some countries linked to direct government agreements with it on fuel supplies, such as Mongolia.

The ban was imposed to avoid fuel shortages and halt price increases after a series of drone attacks on refineries as well as technical malfunctions, but the ban was suspended in May until June 30 before the suspension was extended until the end of July.