Some Russian oil refineries with a combined capacity of about 40 million tons of oil per year have resumed trading on the St. Petersburg International Mercantile Exchange (SPIMEX), Kommersant reported, citing a report by the analytical agency Platts (part of S&P Global). However, large enterprises accounting for more than 45 million tons of refining capacity have not yet resumed participation in the exchange.
According to Kommersant, the bulk of fuel continues to be sold through off-exchange channels, and this trend has intensified in recent weeks. Sergei Tereshkin, general director of Open Oil Market, noted that although the total volume of wholesale trading is growing, the share of gasoline purchase bids that remain unfilled still exceeds 80%. The most difficult situation is in the segment of high-octane gasoline AI-98 and AI-100, where unsatisfied demand reaches 92.9%.
Novaya Gazeta Europe noted that the specific names of the refineries that have resumed operations are not disclosed — neither by Kommersant nor by other sources — in order not to reveal potential targets for the Ukrainian Armed Forces. Economic observer Denis Morokhin of the outlet pointed out that the return of plants to work is unstable: last week some enterprises were already increasing production, while others continued to idle or went into forced maintenance.
Maxim Dyachenko, managing partner of the trading company Proleum, said at an open planning meeting that the market has likely passed its “most difficult point” and “bounced off the bottom.” According to him, several refineries have resumed operations and started releasing petroleum products, primarily diesel fuel. However, the situation with gasoline, he stressed, remains severe. Proleum trader Nina Timirshayokhova clarified that the appearance of additional volumes is linked to plants coming out of maintenance and increased supplies from Belarus, but some enterprises, on the contrary, have only just gone into maintenance.
A Kommersant source in the industry believes the peak of the shortage has passed and the situation at gas stations is improving: independent chains are receiving gasoline from Belarusian refineries and, possibly, from vertically integrated oil companies. However, according to Sergei Frolov, managing partner of NEFT Research, a quick market recovery should not be expected — the balance of supply and demand will not be restored instantly, and a noticeable increase in production will become possible closer to the end of the year.
Meanwhile, in 25 regions of Russia, fuel crisis has driven up public transport fares, Current Time reported. In the Pskov region, police have begun issuing administrative protocols for storing fuel in garages, officially citing violations of fire safety requirements. In Chelyabinsk, police are urging drivers not to install fuel-finding apps, claiming they are unsafe.
The fuel crisis in Russia has been ongoing since May. One of its main causes has been Ukrainian drone strikes on Russian refineries. According to Novaya Gazeta Europe, the attacks have completely halted or significantly damaged facilities that process 159 million tons of oil per year — 59% of these plants' annual refining capacity for 2024–2025. This could have led to a halt in production of 65% of gasoline and 61% of diesel fuel on an annual basis.