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Europe Needs Security Of Supply: Ex-Saras CEO

OIL PRODUCTS

Europe’s rising diesel prices and the end to Russian seaborne crude imports amid sanctions should be a reminder to re-focus on security of supply, Ex Saras CEO Dario Scaffardi said.

  • “We got here because Europe has been a bit too complacent. Nobody thought it was of strategic importance to have your own refineries.”
  • Many of Europe’s refineries have closed in recent years and Russian imports will need to be replaced with cargoes from other origins, he added.
  • Resulting from Russia’s invasion to Ukraine, northwest Europe’s futures diesel contract is currently at a $40/bl premium to crude oil, more than triple the five-year seasonal average.
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Europe’s rising diesel prices and the end to Russian seaborne crude imports amid sanctions should be a reminder to re-focus on security of supply, Ex Saras CEO Dario Scaffardi said.

  • “We got here because Europe has been a bit too complacent. Nobody thought it was of strategic importance to have your own refineries.”
  • Many of Europe’s refineries have closed in recent years and Russian imports will need to be replaced with cargoes from other origins, he added.
  • Resulting from Russia’s invasion to Ukraine, northwest Europe’s futures diesel contract is currently at a $40/bl premium to crude oil, more than triple the five-year seasonal average.