According to The New York Times’s analysts, the embargo on maritime deliveries of Russian oil products to the EU (since February 5) poses risks to most European long-haul truckers and up to 40% of car users due to a possible shortage of and rising prices for diesel fuel.
The newspaper reports that diesel futures in Europe grew in price even before the embargo entry into force. In 2022, Russia supplied about half of Europe’s diesel imports, around 700,000 barrels a day.
The newspaper also reports that EU refining companies have been building up fuel reserves in the weeks leading up to the embargo. According to analysts, Europe will need to bring more diesel from other refining powers, such as Saudi Arabia, Kuwait, UAE, India, China and the USA. At the same time, NYT experts believe that Russian diesel supplies to Europe will be hard to quickly replace.