The price of the issue // Kept partner Maxim Malkov on the termination of Russian fuel supplies to Europe
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The introduction of a price ceiling for petroleum products, coupled with an embargo, will lead to a situation similar to that of oil. The European market accounted for a significant part of Russian fuel export destinations, in particular diesel fuel, whose share in December deliveries was about 60%. The redistribution of logistics flows and the search for new markets for oil products may provoke a temporary decrease in refining volumes in Russia. At the same time, part of the falling volumes of oil used in Russian refining may be exported. Russian diesel fuel played a significant role in the structure of European imports – about 40%, according to December data. It is still difficult to say exactly how the market will react to the termination of supplies. The vacated niche is ready to be occupied by Saudi Arabia, the United Arab Emirates, Kuwait and the United States. Thus, December deliveries of fuel from the US to Europe amounted to 660 thousand tons, exceeding November by 70%. However, it will not be possible to completely replace Russian fuel. In any case, Europe will receive Russian oil products…
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