Ukraine-Russia War: Europe has diesel stocks for just 40 days, say reports
The report by Bloomberg News Agency further stated that Finland and Denmark have stocks for more than six months, while England and Norway have enough stocks for 30 days
Representational image. CNBC-TV18
Europe has diesel stocks for just 40 days, according to a report by Bloomberg News Agency. It stated that Finland and Denmark have stocks for more than six months, while England and Norway have enough stocks for 30 days.
European oil companies are avoiding oil supplies from Russia as the war entered its second month, and they are looking for shipments from faraway places such as the Middle East, Asia and the USA to fill the gap caused by Russia, according to the agency.
Earlier, the United States and European Union had announced a drive to wean Europe off Russian gas imports and so choke off the billions in revenues that are fuelling Moscow's war.
Europe's biggest economy, Germany, said its own Russian oil imports would be halved by June and coal deliveries stopped by the autumn of this year.
According to the International Energy Agency, there were a total of 247.4 million barrels of diesel in European countries at the end of January before the war started. It is thought that this number will meet the need for 40 days, even if no diesel is produced or imported on the continent, according to Bloomberg.
The reliance of Europe's biggest economy on Russian energy has been exposed as an Achilles' heel as Western allies scramble to penalise Vladimir Putin for his attack on Ukraine.
With calls for an energy embargo growing louder, companies with Russian suppliers are letting their contracts run out and turning to other suppliers.
Earlier on Friday, the US and EU announced a task force aimed at reducing Europe's reliance on Russian fossil fuels in the face of Moscow's war on Ukraine.
The initiative being unveiled by President Joe Biden and EU chief Ursula von der Leyen will see the US work with partners to strive to supply Europe with an extra 15 billion cubic metres of liquefied natural gas this year, a statement said.
With input from agencies
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