Russian diesel shipments soar ahead of EU ban – Bloomberg – RT Business News

Flows from Baltic and Black Sea ports will hit three-year high in January, outlet says

Russian diesel exports are expected to rise sharply in January ahead of an EU embargo on Russian crude scheduled for February, Bloomberg reported on Friday.

Fuel shipments are set to leave Baltic and Black Sea ports and will see an 8% jump in January compared to December, amounting to 2.68 million tonnes, the point wrote. sale, citing industry data. Overall flows are estimated at around 86,500 tonnes, which is higher than volumes recorded in any other month in at least three years.

Exports also include 120,000 tonnes of diesel from Belarus, the outlet said, citing data for the Baltic port of Primorsk. Shipments from Russia will primarily contain fuel delivered to ports by pipeline, as well as smaller volumes by rail.

Without specifying the destination of the shipments, Bloomberg said the expected supplies would hit the highest export rate since January 2020.

Oil price cap will backfire – economist

On February 5, 2023, the EU will ban maritime imports of Russian petroleum and petroleum products such as diesel as part of the sanctions against Moscow. Many economists have warned, however, that the move will backfire, as the bloc is highly dependent on and structurally short of this type of fuel, and Russia is one of its main external suppliers.

Diesel represents the power of a large part of the EU economy, of which more than a third comes from Russia. Earlier, Wood Mackenzie predicted diesel inventories in northwest Europe would drop to 210.4 million barrels in February to their lowest level since 2011.

Diesel prices have risen in recent months across the bloc, driving up inflation and increasing the risk of a global recession.

For more stories on economics and finance, visit RT’s business section

You can share this story on social media:


Back to top button