Kuwait will increase the supply of petroleum products to Europe by several times

Kuwait's plans to supply diesel fuel to Europe have changed significantly. According to the report, Kuwait intends to send five times more, which results in a total of 2.5 million tons (50,000 barrels per day). Moreover, there is a plan to increase sales of jet fuel to 5 million tons. 

There is a possibility that in early February the European Union (EU) will face a shortage of fuel. This may happen due to the fact that the EU plans to ban the import of Russian oil products in the near future. Moreover, the ban may provoke a shortage not only in Europe but also in other countries, and the price of diesel fuel is likely to grow to $200 per barrel. This is reported by Bank of America.

Analysts at JPMorgan calculated the amount of Russian oil products that the EU bought at the end of last year. It is almost 1.3 million barrels per day. It is worth noting that about half of it is diesel.

Kuwait is rapidly developing its oil industry. In recent years alone, tens of billions of dollars have been spent on building of new refineries and modernization of existing ones. For example, Al-Zour has become one of the most expensive refineries in the country. Also, it is the largest refinery not only in Kuwait, but also in the world. It is capable of processing 615,000 barrels of crude oil per day.

Following Kuwait, Saudi Arabia and the UAE are expected to increase exports to Europe in 2023.