Support The Moscow Times!

Oil Products Reserve Created

Russia will build a strategic reserve of refined oil products to stave off future shortages and high prices, parallel to stocks in the West supervised by the International Energy Agency.

Energy Minister Sergei Shmatko said Wednesday that Russian oil companies will put up to 2 million tons of fuel into reserves for use in market interventions.

"The real action to accumulate reserves will start in July-August," Shmatko told a news conference, adding that the reserves would amount to 2 million tons, with Russia's annual production at about 250 million tons.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more