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The Economic Times
The Economic Times
Business

Russia's diesel export ban deepens global supply crunch

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.

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