European officials and experts have warned of a harsh winter that the old continent will face with low levels of diesel in its storage depots due to the entry into force of European Union sanctions on Russian products.
Reuters reported that Western countries have expressed their fear of the significant repercussions that will result from the entry into force of European Union sanctions on supplies of Russian crude oil and refined products, especially on industries and drivers.
Diesel, along with other distilled fuels such as heating oil and gas oil, is the lifeblood of European industries used for many purposes, including home heating, in addition to its use as engine fuel.
The diesel market was shocked as its prices rose on the basis of a possible disruption to Russian supplies, as the six-month difference in European diesel futures contracts rose to a record low of about $600 per ton.
The wide-ranging sanctions imposed by Western countries on Moscow have caused major economic problems for the United States, Britain and the European Union, including a sharp rise in fuel and food prices.
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