Posted on 09/20/2022 6:49:36 PM PDT by RomanSoldier19
he EU may have a plan to ban all Russian diesel purchases in February, but in the meantime, European buyers are happy to pay more for Russian diesel now than they did back in May, industry sources told Reuters.
The ban on Russian seaborne diesel imports, set to go into effect as part of a larger strategy to cut off Russia’s revenue stream, follows the EU’s crude oil ban set to go into effect in December. Two months later, the ban on Russian diesel imports—and all its refined products—will go into effect.
The discount on Russian diesel was at $30 per tonne in May, according to Reuters—but it is now just $6 per tonne in northwest Europe and $10 per tonne in the Mediterranean on the back of rising demand.
Europe is on a mission to increase its inventories to a level that will carry them safely through the winter months. And for now, Russia’s discount—although smaller than it was in May—still looks attractive.
“Those that can, will buy Russian and stockpile. Gas-to-oil switching has added to demand and we’re switching to winter diesel. This is one of the factors why Russian stuff is not as cheap as it used to be,” one European trader told Reuters.
(Excerpt) Read more at oilprice.com ...
Al Mayadeen English
9/16/22
Germany fears inevitable bankruptcy amid energy crisis
The Bundestag calls on the country to negotiate with Russia ‘with an open mind’, as anti-Russian sanctions begin to take their toll on the deteriorating economy and energy scarcity.
In a tweet on Thursday, German left-wing politician and chairman of the Bundestag committee on energy, Klaus Ernst, referenced statements by Chancellor Olaf Scholz that the sanctions should not hit Europe harder than Russia itself: “We have now imposed seven packages of sanctions and Gazprom is making record profits. At the same time, we are threatened with a wave of bankruptcies. Therefore: negotiate with Russia with an open mind”.
...
https://english.almayadeen.net/news/economics/germany-fears-inevitable-bankruptcy-amid-energy-crisis
“However, Sewing warned that “the longer inflation remains high, the greater the strain and the higher the potential for social conflict.”
Importing 2mm fighting age muzzie men will do that too.
EU: Desperation for suckers.
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