EU faces diesel shortage as major refiners ban exports
Semafor ·
EU member states readied for talks over a feared diesel shortage, after the US, Russia and China all touted banning or suspending exports as global prices surge.
EU member states readied talks over a feared diesel shortage as surging prices drove major refiners to ban exports, moves that threatened economies worldwide.
Friday’s talks come after the Trump administration demanded European countries release their own diesel stockpiles or face a ban on purchases from the US — the world’s biggest exporter of the fuel — while Russia’s leader said his country would not sell diesel abroad until sanctions over its invasion of Ukraine were lifted. Chinese refiners, too, have suspended most fuel exports for the month , adding further pressure to an already tight market.
Though Europe was most vocal in its concerns, Goldman Sachs economists warned a US diesel ban risked lowering GDP across Latin America by around 1%.