Refining margins for diesel in Northwest Europe end this year 40% below the levels from the end of 2022, despite the EU ban on seaborne imports of Russian petroleum products that came into effect in February 2023. Europe has imported more diesel from the Middle East and Asia this year to offset the loss of Russian fuel supply. Import levels were high enough to ease fears of a supply shortage in the first winter without Russian fuels. A warmer autumn and a warmer start to the winter heating season have also helped ease some of the concerns of a…
