Netherlands faces fuel crisis as cut off from Russian crude oil, losing 30% of imports. Can other sources meet total demand? : Ken Research
Storyline
- Netherlands imports $86.7M in fuel/lubricant pumps, becoming the top global importer. Primary sources: UK, Germany, Slovakia, Italy, and the US.
- Russian crude oil ban disrupts Dutch refineries, potentially reducing production. Refineries seek alternative crude sources and process adjustments.
- Dutch heating oil prices volatile from 2000-2021. Record low of 564.2 euros/1000 liters in 2000, peaking at 1,168.6 euros/1000 liters in 2021 due to Russian-Ukraine conflict.
Introduction
The ban on importing Russian crude oil took effect on 5 December 2022, followed by a ban on importing Russian petroleum products such as diesel and Kerosene on 5 February 2023. Since December 2022, Russian crude oil has stopped entering the Netherlands, having accounted for 30% of crude oil imports in 2022 as a whole.
1.Diversification of Lubricant Oil Sources
In 2021, Netherlands imported $86.7M in Pumps dispensing fuel, lubricants in filling stations, becoming the 1st largest importer of Pumps dispensing fuel, lubricants in filling stations in the world.
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In 2021, Netherlands imported $86.7M in Pumps dispensing fuel, lubricants in filling stations, becoming the 1st largest importer of Pumps dispensing fuel, lubricants in filling stations in the world. At the same year, Pumps dispensing fuel, lubricants in filling stations was the 1092nd most imported product in Netherlands. Netherlands imports Pumps dispensing fuel, lubricants in filling stations primarily from: United Kingdom ($70.9M), Germany ($7.6M), Slovakia ($1.66M), Italy ($1.28M), and United States ($1M).
2.”Refinery Rumble: How the Russian Crude Oil Ban Impacts Netherlands’ Refineries”
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The Netherlands is home to several large oil refineries that process imported crude oil. The absence of Russian crude oil can affect the operations of these refineries, potentially leading to reduced production or operational adjustments. Refineries may need to adapt by sourcing different crude oil grades or making changes to their refining processes.
3.Heating Oil in the Crossfire: Russian-Ukraine Conflict Sparks Price Surge in heating oil and Market Turbulence in Netherlands
In 2021, the average price for heating oil reached 1,168.6 euros per thousand liters in the Netherlands. In the period of consideration, the average prices for heating oil in the Netherlands in euros per thousand liters were somewhat volatile from 2000 to 2021. The price peaked in 2021, and reached the record low of 564.2 euros per thousand liters in 2000.
