Russia extends oil export ban until the end of October

Russia has extended its oil export ban for fuel producers until the end of October, the government said on Wednesday, adding further pressure on a global energy market already rocked by ongoing conflicts and supply shortages.

Global fuel shortages and sharp price increases have been in focus, particularly in the United States, where oil prices have reached record levels above $6.50 a gallon, as the wars in Iran and Ukraine restrict fuel supplies — a political risk for U.S. President Donald Trump ahead of the midterm elections.

The price of oil at UK fuel pumps has reached record levels because of the U.S.-Israel war against Iran, the motoring body RAC said on Monday.

Russia has repeatedly imposed restrictions on gasoline and oil exports to curb rising fuel prices and address shortages caused by Ukrainian drone attacks on oil refineries.

At the end of August, Moscow extended the oil export ban until the end of September, allowing supplies to countries such as the former Soviet republics and Mongolia under intergovernmental agreements.

Usually the world’s second-largest oil exporter after the United States, Russia had cut its exports during the summer before the overseas supply halt was imposed.