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Asian diesel surplus can be a lifesaver

This month, at least five cargo ships will depart from Asia for Europe. Three million barrels of diesel on board could ease the continent’s energy crisis.

At the moment, this is the largest number of barrels brought to Europe by ship in the past five months. by higher prices On the continent, associated with China’s faltering economy As demand is falling in India, it is becoming more profitable for diesel sellers to transport materials from Asia to Europe.

The ships will take about a month to reach the continent. “Traders are taking advantage of economies of scale to make arbitration between East and West,” said Serena Huang, chief Asia analyst at data firm Vortexa.[الطريق من آسيا إلى أوروبا ، محررًا]practically by loading their shipments onto larger carriers.” Bloomberg.

380,000 barrels per day

As gas supplies in Europe decrease, countries are increasingly looking for alternative energy sources to sustain the coming winter. Countries such as Sweden and Germany have warned that they will increasingly have to turn to oil and coal to ensure energy supplies.

According to the International Energy Agency (IEA), the demand for oil will increase by about 380 thousand barrels per day, especially in Europe and the Middle East.

Asia can be a lifesaver. The country is expected to produce a surplus of 215,000 barrels per day. Also in the Middle East, according to analysts at S&P, Stock will go up.

usury profits for petroleum companies

Due to the increasing demand for oil and the resulting rise in prices, oil companies around the world have in recent months profit. And the five largest Western oil companies achieved profits of nearly 50 billion dollars during the past quarter, while the giant Saudi oil company Saudi Aramco alone managed to record 48 billion dollars.

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Several prominent figures, such as UN Secretary-General Antonio Guterres and US President Joe Biden, have criticized oil companies in recent weeks. convicted. They find it unethical for companies to do well while large parts of the world are burdened with high energy prices.

(Javed)