Live updates: Russia’s war in Ukraine

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Europe is Scramble to buy diesel fuel from Russia before do not import It came into effect in early February. But frenzied stockpiling is unlikely to prevent new price panic for truckers, drivers and businesses.

In the first two weeks of January, European countries stockpiled nearly 8 million barrels of Russian diesel, according to energy data provider Vortexa, roughly the same as last year’s imports before Russia’s invasion of Ukraine. Imports in the fourth quarter of 2022 rose almost 19% over the same period last year.

Russia is the largest diesel supplier among the group, accounting for 29% of total diesel. Last year’s imports, data from Rystad Energy shows.

since the invasion of Russia in February last year The European Union has made great efforts to withdraw from Moscow’s oil and natural gas supply.

EU countries drastically cut crude imports from Russia ahead of ban But that doesn’t happen with diesel because it’s much more difficult to find alternative fuel sources.

The EU ban will make the world market for dieselMark Williams, director of research at Wood Mackenzie, told CNN that unless Russia successfully transfers its cargoes to Latin America and Africa, it will not be able to deliver. which is a region generally imported from the United States. That would bring more US barrels to Europe. plug the gap Moscow has left, he said.

But diesel imports from far-flung suppliers including the United States and Saudi ArabiaIt will push freight costs into higher consumer prices, he said.

“We expect diesel prices to rise in Europe. We expect a sharp increase in February, March,” Williams said.

According to Wood Mackenzie’s estimates, the price of a barrel of diesel will be $40 in the first three months of this year. This is up 470% from the average price for the full year 2021 before the invasion of Russia drives prices higher.

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