Europe yet to give up Russian diesel
The continent is loath to tackle its dependence upon imports of Russian refined products
The crack spread—the theoretical margin between buying crude and selling the refined product—for European diesel is at record highs. While this would not at first glance be a surprise, given the continent has been highly dependent on Russian supply, the physical diesel balances remain healthier for now than the record cracks would indicate, says Pamela Munger, senior analyst at energy analytics firm Vortexa. There has not been a decline in diesel flows from Russia to Europe so far, and Europe remains well-supplied, Munger continues. Russian loadings of diesel heading for Europe shot up in late February and then into March, before dipping slightly to levels comparable to the start of the year
Also in this section
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way