Europe Buys 90,000 Tons of Korean Diesel as Middle East and Ukraine Wars Spark Supply Emergency
Unprecedented Import from Korea, 20,000 Kilometers Away
Korean-refined diesel has been exported to Europe in a rare move. As Europe faces an acute diesel shortage following Russia’s ban on refined oil exports, the region has begun looking to East Asia to secure supply.
According to Bloomberg on September 3 (local time), approximately 90,000 tons of Korean diesel will be shipped aboard the oil tanker "Priamos" to northwestern Europe, with possible destinations including the UK or Rotterdam in the Netherlands. This transaction was arranged by the global commodities broker Trafigura.
The Priamos, carrying Korean diesel, is expected to embark on a long-haul voyage of over 19,000 kilometers via the Suez Canal. Typically, diesel produced in East Asia is not sold to faraway Western Europe due to distance, but Europe’s intensifying diesel shortage has led to this unusual transaction.
European countries, in particular, have a high dependency on diesel imports due to a lack of domestic refining capacity. With conflict in the Middle East and the ongoing war between Russia and Ukraine further tightening global diesel supplies, Europe’s diesel prices have surged far above those in Asia.
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According to the brokerage PVM, Bloomberg reported that the principal swap spread reflecting the price difference between European and Asian diesel has recently widened to its highest level since statistics began in 2023.
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