As alternative sources remain scarce, European dealers are hurrying to fill tanks in the region with Russian diesel before an EU ban takes effect in February.
By February 5, the European Union will ban Russian oil product imports, on which it relies significantly for diesel. This comes after a ban on Russian crude oil went into effect in December.
Russian diesel loadings destined for the Amsterdam-Rotterdam-Antwerp (ARA) storage region increased by 126% from November 1 to November 12, according to Pamela Munger, senior market analyst at energy analytics firm Vortexa.
With few immediate cost-effective alternatives, diesel from Russia has accounted for 44% of total European imports of the road fuel so far in November, compared to 39% in October, according to Refinitiv data.
Despite the fact that Europe’s reliance on Russian fuel has decreased from more than 50% prior to Moscow’s February invasion of Ukraine, Russia remains the continent’s largest diesel supplier.
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