Politico: Europe buys up diesel ahead of Russian import ban

European countries imported unprecedented quantities of diesel fuel in December as buyers rush to secure supplies ahead of an EU ban on Russian oil products, Report informs referring to Politico.

According to an analysis by the Refinitiv market data firm, shared with POLITICO, diesel imports to the European region soared to a record 8.2 million tons in December.

The ban had prompted fears of a diesel supply crunch in the EU in the dead of winter, at a time when consumers are already suffering from high inflation and industries are feeling the burden of sky-high energy prices. But the recent glut of imports will likely mean any problems will not be felt in the immediate aftermath of the diesel ban, market analysts said.

Kuwait and Saudi Arabia have emerged as the major alternative exporters, likely to replace at least some Russian diesel supplies once the ban comes into effect, said Claudio Galimberti, from energy research firm Rystad.