Europe rushes to fill up on Russian diesel before ban begins

LONDON, 21 November 2022, (TON): European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.

The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by Feb. 5. That will follow a ban on Russian crude taking effect in December.

Senior market analyst at energy analytics firm Vortexa, said “Russian diesel loadings destined for the Amsterdam-Rotterdam-Antwerp (ARA) storage region rose to 215,000 bpd from Nov. 1 to Nov. 12, up by 126 percent from October, Pamela Munger.”

With few immediate cost-effective alternatives, diesel from Russia has made up 44 percent of Europe’s total imports of the road fuel so far in November, compared with 39 percent in October, Refinitiv data shows.

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