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18 Aug, 2022 10:34

Flotilla of diesel ships from Asia coming to Europe’s rescue

The continent is to receive three million barrels of the fuel in August as the energy crisis deepens
Flotilla of diesel ships from Asia coming to Europe’s rescue

The volume of diesel shipments from Asia to Europe is projected to reach the highest level in five months in August, Bloomberg reported on Thursday citing data tracked by energy analytics firm Vortexa.

Preliminary data shows that five tanker ships carrying up to three million barrels of diesel are poised to move from Asia to Europe this month. Supplies from the Middle East to Europe are also expected to increase.

Europe’s rush to import fuel comes amid soaring natural gas prices, an economic slowdown in China, Russian supply disruptions arising from Ukraine-related sanctions, and technical setbacks.

Vortexa expects European nations to keep stockpiling diesel due to the risk of a Russian gas shortfall or stoppage, and major concerns over energy security. Europe’s benchmark for natural gas has nearly tripled in 2022, jumping far beyond the 18% surge in oil prices since the start of the year. 

On Tuesday, the cost of natural gas futures on the TTF hub in the Netherlands surged beyond $2,600 per thousand cubic meters for the first time since March, which is about 13% above the previous day’s level. 

Earlier this month, the EU Council approved a plan to combat the energy crisis by reducing consumption throughout the bloc by 15% over the coming months.

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

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