After the ban on the supply of Russian petroleum products to European Union (EU) countries by sea goes into effect on February 5, 2023, China may become the main supplier of diesel fuel to this region. About informs Bloomberg quotes industry experts.
According to Vortexa Ltd., the EU imported about 220 million barrels of diesel fuel from Russia last year. These volumes are comparable to 14,000 Olympic-size swimming pools. However, even such large volumes are renewable after the European embargo on Russian petroleum products, said Eugene Lindell, head of the refining products department at consulting firm Facts Global Energy. Including thanks to China’s growing energy potential, said Wood Mackenzie Ltd.’s director of research. Mark Williams.
“The most important potential supplier (diesel fuel to Europe – socialbites.ca) could be China, albeit indirectly. Beijing’s policy is changing the rules of the game. “Williams now holds the key to all excess refining capacity worldwide.”
At the same time, the trend towards the gradual replacement of Russian diesel fuel began even before the entry into force of the European embargo. By December last year, Russia’s share of total imports had fallen from 50% to 40%, thanks in part to increased shipments from Saudi Arabia and India.
January 9 Bloomberg, citing a source reportedBy 2023, Kuwait plans to increase its total volume of diesel fuel and raw material deliveries for aircraft to European countries by five times. This intention is connected with the desire of the Arab state authorities to compensate for the decline in imports from Russia on the backdrop of international sanctions.