The IEA estimates that Europe will need “sustained imports” from other countries to avoid shortages, but fears a harsh winter which could limit imports.
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Winter could cause the price of diesel to soar. The International Energy Agency (IEA) warned on Thursday October 12 of possible diesel shortages in Europe this winter due to supply constraints. The IEA notably mentions the EU embargo on Russian crude oil and believes that Europe will need “sustained imports” from other countries. But particular constraints in winter on the quality of diesel could “restrict” supplies. “It may take another mild winter to avoid shortages”warned the IEA
“Ten months after the entry into force of the EU embargo on Russian crude”intended to dry up Moscow’s oil revenue, “European refiners are still struggling to increase their processing rates and diesel production”, explains the IEA in its monthly oil report. However, while Europe has “few options” For “improve” its inventory coverage levels in the coming months, “a rebound in refinery yields” combined with more imports appears “necessary”again according to the IEA.
Without a solution, diesel prices risk soaring yesterday. These supply constraints are in fact weighing on diesel prices at the pump, which have exceeded gasoline prices since the end of September in France. Last week, they reached 1.89 euros per liter compared to 1.86 euros for super unleaded 95-E10.