Blockade of Russian oil? Europe is still the largest importer of Russian oil
Europe continues to be the largest buyer of Russian diesel: Nearly half of the EU and UK's seaborne diesel imports have come from Russia this month, according to Vortexa data compiled by Bloomberg . Between November 1 and 24, the EU and the UK imported an average of 1.34 million barrels per day (bpd) of diesel, of which 45% (600,000 bpd) came from Russia, according to data from Vortex.
The still high dependence on Russian diesel could become a major problem for Europe in just two months, when the EU embargo on imports of Russian petroleum products by sea comes into force on February 5th.
According to the International Energy Agency (IEA), Russia is still the main supplier of diesel to Europe, which will need to replace more than 500,000 barrels per day (bpd) of diesel after February.
“While a surge in diesel imports from eastern Suez has improved Europe's positioning for next winter, Russia-Europe flows are picking up again ahead of the EU's 5 February import ban,” David Wech, Vortexa's chief economist, wrote in an article earlier this month.
According to Vortexa, it's even more difficult to predict what will happen with Russian diesel after the EU embargo than what will happen with Russian crude, whose ban begins on Dec. 5. According to IEA estimates in its November Oil Market Report, EU countries reduced imports of Russian diesel by 50,000 bpd to 560,000 bpd in October.
"When the crude oil and product embargoes come into full effect in December and February respectively, another 1.1 mb/d of crude and 1 mb/d of diesel, naphtha and fuel oil will need to be replaced," the statement said. IEA in the report.
With the EU embargo on imports of Russian diesel coming into effect, “competition for barrels of non-Russian diesel will be fierce, with EU countries having to bid on cargoes from the US, the Middle East and India, moving away from their traditional buyers,” the agency said.
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The article Blockade of Russian oil? Europe is still the largest importer of Russian oil comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/blocco-al-petrolio-russo-leuropa-e-ancora-il-maggior-importatore-di-petrolio-russo/ on Wed, 30 Nov 2022 22:17:49 +0000.