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
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis