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EU Diesel Imports to Plunge on Red Sea Diversion

OIL PRODUCTS

European imports of diesel are expected to decline sharply in the first half of February to 450kbpd, Pamela Munger, Vortexa Analyst said, amid tanker delays due to the diversion away from the Red Sea via the Cape of Good Hope.

  • This would represent a drop of more than 60% compared with the January average, and well below 2023 levels.
  • “These constraints could make the US barrels more attractive again,” she said.
  • The drop in diesel arrivals is expected to be short lived as several cargoes heading round the Cape are set to arrive in the second half of February.
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