fleet of ships carrying dieselone of the most important fuels in the world, heading to European markets that face the risk of major shortages energy in winter due to high gas prices a tug-of-war between Moscow and the EU but also unusually high temperatures. According to preliminary data from Vortexa, these are five ships carrying almost 3 million barrels, which are due to leave Asia for Europe in August. This is the largest number of barrels per day, the transportation of which has been recorded over the past five months. It is also expected to increase traffic from the Middle East to Europe.

The increasing flows of diesel fuel used in industry, transport, etc., to Europe are a consequence of the problems that have arisen in the market due to the jump in prices in the hub of Amsterdam, Rotterdam and Antwerp in relation to Asia, fuel, traders said. The crisis in the Chinese economy and the seasonal decline in demand in India also contributed to the oversupply in Asia.

Europe is facing a historic drought that has caused water levels in the Rhine River to drop. The waterway connecting oil reservoirs in Amsterdam, Rotterdam, Antwerp with consumers in Europe is currently impassable for most barges. As a result, there are supply problems and reduced energy reserves that will need to be replenished before winter. Countries such as Sweden and Germany have warned they will increase oil consumption as an alternative to expensive natural gas as the region buys more coal from around the world. However, it is not yet clear how much demand in Europe will recover at the end of the year due to the slowdown in the region’s economy.

The diesel, which will be loaded from India and North Asia in August, will take almost a month to reach Europe, meaning it will be at its destination when the summer ends. Some of the ships bound for Europe are larger and can carry up to 1 million barrels of oil.

According to the International Energy Agency (IEA), this year the transition from natural gas to oil will be much larger. The IEA has revised its forecast upward as it estimates that global demand for “black gold” will grow by 380,000 barrels per day this year. Her assessment, of course, is based on the assumption that industry and energy producers will switch to other fuels to avoid expensive gas. According to the IEA, the additional demand that caused this shift is “overwhelmingly concentrated” in the Middle East and Europe. Her point of view about the inevitability of a significant increase in demand for oil is shared by Goldman Sachs.