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Commodities

European diesel futures down 55% as Asian imports ease supply pinch

Concerns rise that Russian oil may be refined in Asia and exported to EU

A car is filled with diesel fuel at a Shell petrol station in Berlin, Germany. Diesel accounts for half of the demand for refined petroleum products in the European Union.   © Reuters

TOKYO -- Diesel futures in Europe have plummeted from an all-time high in March 2022 as increased imports from Asia and the Middle East have alleviated concerns of a supply shortage from the Russian oil embargo.

Some countries that have significantly expanded their exports to Europe, such as India, have continued to buy Russian oil on the cheap, raising concerns that some of them are refining that oil and exporting it as their own, effectively bypassing the embargo.

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