Argus Launches a Non-Russian Diesel Cargo Assessment

Price reporting agency Argus launched a new non-Russian diesel cargo assessment delivered into the Antwerp-Rotterdam-Amsterdam (ARA) port complex, the agency said.

"The new price will represent fair market value of non-Russian diesel, providing buyers and sellers which do not wish to trade Russian diesel with an alternative benchmark value," Argus said.

Russia has been a key supplier to Europe, accounting for up to 60% of diesel imported into the region each year, according to Argus.

The announcement came after competitor S&P Global Platts said last week its trading platform would allow participants to specify any restrictions on the origin of products, in a move that could make it easier for market players to boycott Russian oil. Read full story

On March 25, Platts said its assessments of European naphtha cargoes will no longer reflect Russia-origin product, effective immediately.

(Retuers reporting by Bozorgmehr Sharafedin and Ahmad Ghaddar, Editing by Louise Heavens, Kirsten Donovan)