Europe has ramped up imports of Russian diesel as the EU struggles to wean off of the country's energy supplies
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- Europe increased its imports of Russian diesel by 13% last month, according to data from Vortexa.
- Imports of Russian diesel are up 22% year-over-year.
- The European Union is steadily trying to move away from a dependence on Russian oil.
Europe's imports of Russian-sourced diesel spiked 13% last month, as the continent struggles to completely ween itself off of Moscow's fuel in response to the war in Ukraine.
Russian-sourced diesel to Europe outpaced non-Russian sourced diesel by nearly 200,000 barrels per day, according to a report from enery commodities tracking group Vortexa published Tuesday. Overall, Europe's imports of Russian diesel increased a staggering 23% from July 2021.
The uptick in Europe's appetite for Russian diesel underscores the complexity of choking Moscow's energy flows as its war in Ukraine continues. The European Union pledged earlier this year to be 90% rid of Russian crude imports by the end of 2022, but has since struggled with skyrocketing prices and production constraints on alternative sources.
And because of the rising prices for diesel as well as refineries struggling to keep pace with demand, Vortexa chief economist David Wech posits that "it appears questionable whether Europeans will manage to fully carry through on the announced diesel import ban."
Europe 's supply of diesel comes from the transformation of the crude into fuel at European refineries. The continent is struggling to keep pace due to cuts to refining capacity made during the height of the Covid-19 pandemic when travel plummeted. Europe is simultaneously racing to shore up energy stores ahead of the winter amid concerns of a full Russian shutoff looming while condemning the Kremlin for its invasion of Ukraine.
from Business Insider https://ift.tt/tJKeugD
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