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EU Diesel Imports Recover After Russian Import Ban

OIL PRODUCTS

Europe’s diesel imports are showing signs of recovery, as imports rose by 32% month on month in the first half of April, Vortexa data compiled by Bloomberg showed.

  • Arrivals of diesel and gasoil into the European Union and UK averaged about 1.15mbpd in the first half of April, up 32% on the month.
  • The embargo on Russian oil products in February created a supply gap, which had been filled by imports from the Middle East and Asia.
  • European imports should also be boosted by the resumption of operations at key ports in France following several weeks of strikes.
  • The US has also ramped up diesel exports to Europe, with exports at 178kbpd in the first half of April.

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