Europe is set to ban imports of Russian oil products on Feb. 5 in a move that is already causing massive shifts in global diesel trading.
Buyers are rushing to fill European oil storage tanks with Russian diesel, with flows this month on track to hit a one-year high.The European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, in a move aimed at depriving Moscow of revenue.
Russian Urals crude prices fell in December. Russian crude was sold to countries such as India well below the $60 per barrel price cap, according to trading sources, despite Russia saying it would not abide by the cap even if it has to cut production. There will be on products trading at a premium to crude oil as well as those trading at a discount, according to a G7 official.
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