Russia’s diesel export ban deals fresh blow to strained energy market

AI Summary

Russia's ban on diesel exports has intensified shortages and pushed prices higher globally, impacting multiple sectors reliant on diesel from industrial machinery to electricity generation, despite some countries not importing diesel from Russia directly.

Russia’s decision to ban diesel exports this week has roiled global energy markets, exacerbating shortages of the industrial fuel and sending prices soaring, even in countries that no longer buy the fuel from Moscow. Diesel accounts for the largest share of global oil consumption and soaring prices can ripple through the global economy given its wide range ‌of uses, from industrial machinery and farm equipment to heavy transport and electricity generation. Supply has remained tight for years due...