Europe’s diesel options narrow
Half of Europe’s seaborne diesel imports from other regions now come from the US, up from a quarter a year ago. Russian diesel exports have been largely absent since July, and drone strikes have taken out a large share of Russian refining capacity. India supplied roughly 60% of the diesel/gasoil transits through Bab-el-Mandeb in August, but its crude/condensate exports have fallen for two consecutive months.
Why it matters: This illustrates the theme of energy security, as Europe’s diesel supply is increasingly dependent on a narrow set of unstable sources.