Home Business Russia launches the EU oil embargo. Here comes a new surge in diesel

Russia launches the EU oil embargo. Here comes a new surge in diesel

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Russia launches the EU oil embargo.  Here comes a new surge in diesel

New sanctions on Russia, oil prices soar

Take the agreement on new sanctions on Russian oil. The European Union and the G7 have adopted the agreement on the price cap of Russian refined petroleum products and transported by sea to third countries. The agreement, approved yesterday evening by the ambassadors of the Twenty-seven, provides for a threshold of 100 dollars a barrel for high quality refined products, such as diesel, and 45 for low-end products, such as naphtha. The measure will go into effect tomorrow. The cap adds to the one already approved on Russian oil (set at 60 dollars a barrel), in force since December 2022.

But according to La Stampa, this will lead to a new surge in diesel prices. “Assoutenti points out that on some motorway sections diesel fuel in served mode has already returned to exceeding 2.5 euros per litre; the association raises the alarm about possible further speculative maneuvers, recalling, in a letter sent to the Ministry of Enterprise, Mr. Prices and Antitrust, the extra profits that the companies would have made in 2022 (1.9 billion on petrol and 7.4 billion on diesel fuel).”

“According to data from the Ministry of the Environment updated in October, compared to about 19 million tons of diesel sold in the country between motor vehicles and other uses, Italy imported 323,000 tons of diesel from Russia”, reports La Stampa. “They will also thank the USA, which in 2022 has already collected its dividend with liquefied natural gas, called in part to replace the flows from Russia: in one year exports to Europe went from 17.5 to 41.4 million tons, becoming the second world exporter of LNG alongside Qatar and behind Australia “.

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