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Market Chatter: Moscow Refinery Offline for At Least 6 Months; Rosneft Chief Proposes Stabilizing Measures

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Repairs at Moscow's oil refinery will take at least six months to complete, following damage caused by Ukrainian drone attacks, Reuters reported Wednesday, citing sources.

The plant processed 11.6 million metric tons of oil in 2024 and produced 2.9 mmt of petrol and 3.2 mmt of diesel, according to the report.

To address domestic fuel supply concerns, Rosneft chief Igor Sechin proposed to temporarily suspend the mandatory exchange-trading quotas for gasoline and diesel fuel, and to allocate at least 30% of crude oil output to local refining, media outlets reported.

President Vladimir Putin reportedly instructed Deputy Minister Alexander Novak to follow up on the proposals sent in a letter by Sechin in late May. Russian business daily Kommersant first reported the development.

Russia was also reportedly considering a diesel export ban and fuel imports to stabilize energy supplies.

The Russian government press service and Gazprom Neft, operator of Moscow's oil refinery, did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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