Suez crisis, Europe's social stability at risk. Diesel emergency
The crisis of Red Sea does not stop, the attacks of Houthis to ships carrying goods through the canal Suez it is causing endless inconvenience. Now added to the very long list is the diesel emergency in Europe. In fact, in the coming weeks – we read in Il Sole 24 Ore – a net increase is expected collapse of importsit is even calculated two-thirds of current levels and in addition many refineries will begin seasonal maintenance. The situation is worsening quickly and prices have risen to three-month highs on the wholesale markets: a rally that risks continuing, with possible repercussions not only on inflation but also on social stability on the continent. The increases in prices of this fuel, used in heavy transport, agriculture and industry, are particularly insidious, because they are easily transferred downstream, on the final price of goods and products of all kinds. Just the high cost of diesel is among the main causes of farmers' protests, which are spreading in many European countries.
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Attacks on ships in the Red Sea are started in Novemberbut until a couple of weeks ago – continues Il Sole – there had been no significant impact on fuels. The situation has now changed. Very quickly. After the container carriers, they began to leave the area also the other ships: the methane tankers (with repercussions on LNG supplies from Qatar) and – increasingly numerous – also the tankers, with a serious impact in Europe especially for diesel, fuel for which we are not self-sufficient and of which we receive over 40% from abroad through the Suez Canal. What makes the situation worse is the time of year: the reorganization of routes, notes a report from Gibson,” coincides with the start of the global refinery maintenance seasonwith the peak of shutdowns expected in February in the USA and in March in Europe”. Work has already begun in some plants in the Old Continent: the Shell refinery in Pernis in the Netherlands, the largest in Europe, with a capacity of 400 thousand bd, will operate at half capacity until mid-April, and ExxonMobil will close in Rotterdam (191 thousand bd) between mid-February and late April.
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