Vladimir Putin, the President of Russia, announced in his speech at the Valdai Discussion Club in Moscow that as long as the sanctions imposed against this country are not lifted, the supply of diesel to global markets will not take place. These remarks come at a time when the global energy market is affected by wars and supply shortages.
Impact of Ukraine Attacks on Oil Production
Putin continued his remarks by referring to Ukraine's attacks on oil refineries, stating that these attacks have not achieved many objectives and have incurred a cost equivalent to one percent of Ukraine's GDP. However, he emphasized that Russia will take necessary actions in response to these attacks.
Diesel Storage and Export Restrictions
The President of Russia clarified that the country's diesel storage is sufficient, but due to sanctions and restrictions imposed on oil and petroleum products, the available diesel is not being supplied to global markets. In this context, Russia has extended the ban on diesel exports for fuel producers until the end of October, which will exert further pressure on the global energy market.
The price of diesel in the United States has risen to over $6.50 per gallon due to supply constraints caused by military conflicts between Russia and Ukraine and the U.S. and Israeli regime's war against Iran. This situation could pose a political risk for Donald Trump, the President of the United States, ahead of the midterm elections in November.
The global energy market is currently turbulent due to wars and supply shortages, making the need for a new strategy to manage energy resources essential. Experts believe that continued sanctions could lead to greater instability in the energy market, and countries dependent on fuel imports may face serious challenges.
