DIESEL CRUNCH

According to the Financial Times global diesel supplies are heading for a fresh crunch as Russia has put a ban on its exports.

Russia blocked exports from the world’s second largest diesel exporter following on from attacks on refineries there.

Apparently the rest of the world does not produce enough and supplies to the global markets are thus being constrained.

Wholesale prices in Europe soared on the back of the move. As diesel is the lifeblood of agriculture worldwide the outlook is worrying.