EU and UK load up on Russian diesel ahead of embargo – Bloomberg

Western Europe is continuing to stock up on Russian diesel-type fuel despite the looming embargo on the country’s petroleum products, Bloomberg reported on Wednesday, citing data provided by Vortexa.

According to the outlet's calculations, based on the data, close to half of waterborne diesel imports to the European Union and the United Kingdom in the first 10 days of December came from Russian shipping facilities. Data shows that imports of Russian fuel have been growing for three straight months.

While Russia is not the only country providing the region with diesel-type fuel, shipments from Saudi Arabia, its second largest supplier, amounted to mere 300,000 barrels a day against Russia’s 750,000 in the reporting period.

Analysts say the surge in diesel imports from Russia may stem from the region’s desire to stock up on the fuel ahead of the embargo on Russian petroleum products delivered by sea, which is scheduled to come into force in early February. While data shows that shipments from other suppliers have also been growing, Russia remains the largest diesel provider for Western Europe, and experts say it may be difficult for the region to quickly find a substitute for Russian barrels.

The overall diesel-type fuel imports into the EU and the UK in the reporting period amounted to more than 16 million barrels. Analysts say that at this rate, December’s total diesel imports to the region may reach second-highest since at least early 2016.

For more stories on economy & finance visit RT's business section