Diesel futures in Europe have surged at times in recent weeks, touching the equivalent of $110 a barrel. That’s in part because traders are having to find supplies from further afield since a ban on Russian imports came into effect.The pivot away from Russian supplies also means that refineries are consuming lighter barrels, which are also harder to make diesel from, Pouyanne said. Many European refineries switched purchases of Russia’s flagship Urals grade with barrels from the US, which are might lighter in quality. Is European economy likely to go on recession ?

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