Kuwait plans to raise diesel exports fivefold to 2.5mn t to Europe this year amid Europe’s need to replace Russian oil products from 5 Feb, sources told Bloomberg.

• The European Union faces a potential supply squeeze from 5 Feb, when the ban of refined oil products from Russia will come into place.
• The EU was buying close to 1.3mbpd of product from Russia as of late last year, about half of which is diesel, according to JPMorgan Chase & Co estimates.
• Kuwait has been upgrading and building new refineries in recent years. The new 615kbpd Al-Zour refinery began the first phase of commercial operations in November and is scheduled to reach near full output by 3Q23.
• Kuwait’s total refining capacity will rise to around 1.5mbpd once Al-Zour is fully operational.