Europe is rushing to fill storage with Russian diesel before the import ban comes into effect

European traders are rushing to fill their tanks with Russian diesel. The aim is to replenish stocks before the EU imposes a ban on its imports in February. However, the Eurozone countries have virtually no alternative sources of diesel supplies.

It is expected that the ban on imports for Russian petroleum products will take effect on February 5. Reuters noted that Europe is also going to stop shipping Russian oil in December. 

Diesel loading volumes in the Amsterdam-Rotterdam-Antwerp (ARA) region reached 215,000 bpd from November 1 to 12. This is reported by Pamela Menger, senior analyst at Vortex. It is 126% higher compared to the indicators of early October. 

Amid a lack of cost-effective alternatives, diesel supplies from Russia accounted for 44% of the total volume shipped to European countries in November, Refinitiv said. It exceeds the figures of October that reached 39%.