[Reuters] European diesel inventories at lowest since 2008. Still importing 770,000 bpd from Russia. Real potential for higher prices.

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by mark000


Cutting off Russian oil will be difficult and costly as Europe will have to compete for fuel further afield and pay higher freight costs, a trader said.

“Technically, if Europe pays a $100 premium, they can get rid of Russian oil,” one trader said on condition of anonymity.

The more Europe pay to secure supplies, the more every country that imports the stuff will have to pay as well. It’s a global market.

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