Business · Energy & Commodities · 7 hrs ago
Novak estimates global diesel shortage at 25% of trade
Russian Deputy Prime Minister Alexander Novak says the global diesel market has a major supply shortfall equal to about 25% of international trade.
He gave the estimate at the Russian Energy Week forum in Moscow.
Novak said disrupted deliveries from Persian Gulf countries are one cause of the shortage.
He also pointed to Russia’s ban on diesel exports since July, introduced to increase supplies at home.
Novak said understandings between Russia and the United States on diesel supplies could partly rebalance the global market.
Russian diesel exports may rise to 3.5 million metric tons a month by year-end, he said; the sources do not give further details about when or how that increase would happen.
Russian Deputy Prime Minister Alexander Novak estimated the global diesel supply deficit at about 25% of international trade.
He attributed the shortage chiefly to difficulties shipping diesel from Persian Gulf countries and Russia’s export ban.
Russia banned diesel exports from July to support its domestic market, Novak said.
He said understandings between Russian and US presidents on diesel supplies could partly rebalance the global market.
Novak said Russian diesel exports could reach 3.5 million metric tons a month by the end of 2026.
- Who
- Russian Deputy Prime Minister Alexander Novak.
- What
- He estimated the global diesel supply deficit at about 25% of international trade.
- When
- October 16, 2026.
- Where
- At the Russian Energy Week forum in Moscow.
- Why
- Novak cited difficulties delivering diesel from Persian Gulf countries to international markets and Russia’s export ban to support domestic supply.
Russian Deputy Prime Minister Alexander Novak
European Union critics
Diesel supply agreement
Russian Deputy Prime Minister Alexander Novak
Novak called the Russia-US diesel agreement a pragmatic decision benefiting market participants.
European Union critics
The European Union criticized the agreement; the articles do not specify its detailed objections.
Market needs
Russian Deputy Prime Minister Alexander Novak
Novak said European political decisions and statements conflict with the needs of the market and consumers.
European Union critics
The articles do not state the EU’s view on this claim.
Russia banned diesel exports to support supply in its domestic market.
Novak estimated the global diesel deficit at about 25% of international trade at Russian Energy Week in Moscow.
Novak said Russian diesel exports could reach 3.5 million metric tons a month.
- Estimated deficit
- About 25% of global diesel trade
- Russian export ban
- Began in July 2026
- Potential Russian exports
- 3.5 million metric tons monthly by the end of 2026
- Traditional Russian share
- About 10% of international diesel trade
- Diesel price cited
- About $200 per barrel when oil was at $120 per barrel
3 sources
What people are saying
The market experiences a huge deficit at present. We estimate the deficit at about 25% of global trade.
This is related in the first instance to impossibility of deliveries to international markets from Persian Gulf countries.
I view this agreement as a pragmatic decision that benefits all market participants.
We are used to the political decisions and statements of our European partners contradicting the needs of the market and consumers.