After the entry into force on February 5, 2023 a ban on the supply of Russian oil products to the European Union (EU), transported by sea, China may become a key supplier of diesel fuel in this region, says an article published on News.
According to Vortexa Ltd. last year, the EU imported about 220 million barrels of diesel fuel from Russia. These volumes can be compared to 14,000 Olympic-sized swimming pools. However, even such large volumes can be made up for after the European embargo on Russian oil products, Eugene Lindell, head of refining products at Facts Global Energy, a consulting company, expressed confidence.
This is also thanks to the growing energy potential of China, said research director of Wood Mackenzie Ltd. Mark Williams.
Meanwhile, the trend of gradually replacing Russian diesel fuel began even before the European embargo went into effect.
By December of last year, Russia’s share of total imports had fallen from over 50% to about 40%, thanks in part to increased supplies from Saudi Arabia and India, the article says.
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