Middle East’s Diesel Exports To Europe Soar As Russian Supply Slumps

Some of the biggest crude oil exporters in the Middle East are significantly raising their diesel exports to Europe, which is scrambling for fuel amid a massive crunch after Russia invaded Ukraine. The diesel crunch in Europe due to the sanctions on Russia has upended the oil product markets globally. Diesel refining margins have quadrupled since the beginning of the year as major buyers of diesel are either shunning all energy products coming from Russia or expecting some kind of embargo on Russian oil.   In a very tight market for distillates,…