An employee prepares a train loaded with gasoline at the Petrolchemie and Kraftstoffe (PCK) oil refinery in Schwedt/Oder, October 20, 2014.
Axel Schmidt/Reuters
A run on oil and diesel is stressing Germany’s oil producer amid a heat wave.
OMV Germany says hoarding and speculative behavior are to blame.
The Rhine river, an essential dispatch for deliveries from the North Sea, is dangerously shallow.
An oil refiner in Germany is reportedly experiencing a mass run on oil and diesel, adding further stress to Europe amid a heat wave and an uncertain energy market.
OMV Germany said Thursday the rush to shore up supply is likely due to a panicked market leading to buyers to hoard, as well as mass speculation.
Europe is currently struggling with a heat wave that’s stressing the continent’s energy grid, while prices continue to surge due to Russia’s invasion of Ukraine. Oil is being used as an alternative source of energy in Europe as Russian flows of natural gas to the continent decline.
And the Rhine river, an essential dispatch for deliveries originating from the North Sea, is dangerously shallow and could be closed completely.
OMV has already stalled fuel loading at two of its storage facilities while a refinery near Munich resumes operations after being closed for maintenance. OMV said that the restrictions at the two storage sites will be lifted on August 15.