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OIL PRODUCTS
Europe is struggling to boost its diesel imports, according to Bloomberg, amid a fall in arrivals from traditional suppliers such as Saudi Arabia and the USA.
- Diesel imports into the EU and UK fell on the month to 1.06m b/d from Oct. 1-10, according to Vortexa data.
- This represents a fall of 47k b/d on September levels and down 38% on the same period in 2022.
- Saudi flows into Europe have slumped to a third of September levels, while US flows are down by around 50%. Flows from India are also down by 34%.
- European imports of US diesel are expected to recover in the coming weeks amid higher loadings from the USGC in recent days, Bloomberg said.
- In contrast, seasonal maintenance at Middle Eastern refineries is likely to keep a lid on diesel imports into Europe from East of Suez.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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