If the U.S. bans diesel exports to the EU, Europe could face a perfect storm.
Europe has gradually cut itself off from alternative sources of supply. First, imports of Russian diesel were banned. Then came restrictions on fuel produced from Russian oil at Indian and Turkish refineries.
Now imports from the Middle East have been halted due to Trump's war with Iran. And as a result of the situation, China has stopped exporting diesel fuel to other countries.
Thus, the list of possible suppliers is becoming shorter and shorter.
Europe spent years diversifying its energy sources. Soon it will become so diversified that there will be no suppliers left at all.
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