Europe Increases Purchase Of Russian Diesel As It Attempts To Wean Itself Off The Country's Energy Supplies

Europe saw an increase in imports of Russian diesel fuel by 13% last month. This was as Europe tried to get rid of Moscow's fuel following the conflict in Ukraine. According to a report, energy commodities, Russian-sourced diesel to Europe has outperformed non-Russian diesel by almost 200,000 barrels per day. The European imports of Russian diesel rose by 23% between July 2021 and July 2021.

Europe's increasing appetite for Russian diesel fuel underscores how complex it is to choke Moscow's energy flow while its war in Ukraine continues. The European Union had pledged earlier this year that it would eliminate Russian crude oil imports at 90% by 2022, but has struggled to cope with rising prices and production constraints. As per sources, it was doubtful that Europeans would be able to fully implement the diesel import ban because of rising diesel prices and the difficulties of refineries to keep up with demand.

The European refineries transform crude oil into diesel fuel, which is the source of Europe's diesel supply. Due to cuts in refining capacity during the COVID-19 pandemic when travel plunged, the continent is having difficulty keeping up. Europe is racing to boost energy stocks ahead of winter amid fears of a complete Russian shutdown. The Kremlin has been condemned for its invasion in Ukraine.