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Europe is preparing to replace Russian diesel fuel

10 October 2024

The volume of supplies by sea will increase significantly

In the first half of October, imports of diesel fuel and gas oil to the European Union and Great Britain will increase to about 1.28 million barrels per day, according to Bloomberg, based on preliminary estimates of the data made by the analytical company Vortexa Ltd. Therefore, the average volume of supply will be the highest since February 2023, when the EU banned the purchase of Russian fuel, introduced in response to the aggression of the Russian Federation against Ukraine.

In particular, the volume of imports of diesel fuel from the USA increased sharply. European imports from the US are forecast to reach around 417,000 barrels per day in the first half of October, the highest level since the start of 2016, according to Vortexa. To a large extent, this is explained by the low demand for diesel in the American markets, and in combination with a large number of free tankers, this makes it profitable to supply this resource to Europe, analysts believe.

It is also expected that the volume of imports from Saudi Arabia will increase to 370,000 barrels per day, which is the highest figure in the last four years. If the current pace is maintained, the volume of deliveries will exceed the August figures.

Due to increased attacks on merchant ships in the Red Sea, more and more cargo from the Middle East is going to Europe by a longer route - through the Cape of Good Hope. These diversions have prompted traders to adapt supertankers, normally used to carry crude oil, to carry diesel.

Minimal freight dynamics contribute to the fact that this winter European markets will be well supplied with diesel fuel, especially from the East, according to Vortexa experts.

As "Ukrainian Energy" reported, the Ministry of Energy comments on UN forecasts. Prolonged power outages in the ministry are considered groundless.


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