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Latest US Penalties on Russia causes rise in worldwide diesel costs
(MENAFN) According to analysts and London stock exchange data (LSEG), news agency published on Friday that there has been a rise in international diesel rates and refining margins as a result of the latest round of American penalties against Russia’s oil trade, driven by the anticipations of the traders of decreasing diesel as well as crude supply.
The former American administration applied a “sweeping” round of penalties against Russia in allience with the United Kingdom a week ago. Two main oil manufacturers were targeted, gazprom Neft as well as Surgutneftegaz, in addition to more than 180 vessels supposed to be used to transport Russian oil in violation of Western restrictions, which America has depicted them as a ‘shadow fleet’.
The yardstick diesel agreement in Western Europe achieved a ten-month high in the following week of the penalties, the source stated, quoting LSEG.
The futures market points out decreased supplies or market shortfall, where coasts for front-month pacts are higher than the long term ones.
The former American administration applied a “sweeping” round of penalties against Russia in allience with the United Kingdom a week ago. Two main oil manufacturers were targeted, gazprom Neft as well as Surgutneftegaz, in addition to more than 180 vessels supposed to be used to transport Russian oil in violation of Western restrictions, which America has depicted them as a ‘shadow fleet’.
The yardstick diesel agreement in Western Europe achieved a ten-month high in the following week of the penalties, the source stated, quoting LSEG.
The futures market points out decreased supplies or market shortfall, where coasts for front-month pacts are higher than the long term ones.
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