Europe’s diesel supplies will remain ‘tight’ as Russia embargo looms
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Diesel supplies in Europe will remain tight as the continent seeks to reduce its reliance on Russian imports, Rystad Energy said in a research note on Saturday. Europe is in a race for more diesel supplies before the EU ban on imports of petroleum products from Russia, its largest supplier, comes into effect on February 5. Faced with limited options, European dealers have increased their imports of Russian diesel before the embargo. “The EU is stuck between stone and stone when it comes to diesel. place,” said Mukesh Sahdev, senior vice president at Rystad Energy. "There doesn't seem to be enough to meet current or future needs.
After falling to a low of 450,000 bpd in September, European diesel imports from Russia
have risen to an average of 600,000 bpd over the past two months, data from Rystad Energy showed. Meanwhile, imports from other markets like the Middle East and Asia doubled in October to 1.2 million bpd from January, the Norway-based consultancy
said.
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