The oil market has shown its flexibility
Crude quality playing key role in oil flow reshuffle
The war in Ukraine has rerouted oil market flows as European buyers look both close to home and far afield for replacements for Russian barrels
The oil market has shown its flexibility and adaptability to changing crude flows since Russia’s invasion of Ukraine one year ago. Europe had to not only find new sources of supply but also try to replace medium sour Russian barrels with relevant substitutes with similar attributes. Crude quality has been a crucial if often understated challenge for refiners as key grades have been rerouted. Europe was heavily reliant on Russian oil when Moscow began its war in Ukraine. Before the invasion, Russia supplied almost a fifth of Europe’s seaborne crude oil imports, with this figure having dropped to around a tenth by time the EU had imposed sanctions in December 2022. “When the West decided to r
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
