Russian Deputy Prime Minister Novak: We will lift the ban on gasoline exports.

On Friday, Russia and the OPEC organization held a high-level meeting to discuss developments in the global oil market. Russian Deputy Prime Minister Alexander Novak stated that the country plans to lift the ban on gasoline exports soon, indicating the stabilization of the domestic market in Russia following measures taken by the government to reduce fuel prices. In addition, Novak confirmed the partnership between Russia and the OPEC alliance, adding that Russia will continue to be a key player in the oil market and maintain its position as a reliable supplier. He also emphasized that the OPEC+ member countries are in constant contact and continuously monitor the state of the oil market, asserting their readiness to respond flexibly and swiftly to any changes in market conditions. Novak – who has transitioned from the position of Energy Minister in Russia to Deputy Prime Minister while remaining primarily engaged in OPEC affairs – noted that the current mechanism for implementing the OPEC+ agreement is the most effective tool for maximizing oil production efficiency and the revenues of the member countries in the group. Russia's decision to lift the ban on gasoline exports comes after the country announced in mid-August that the Russian government had extended the ban on gasoline exports from October until the end of December amid peak seasonal domestic demand.