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Brazilian and Guyanese Crudes Becoming Europe’s Urals Alternatives

OIL

Brazilian and Guyanese medium sweet grades have replaced Urals in Europe, according to Argus, citing Gustavo Hooper, head of trading and shipping at Brazilian independent Prio.

  • Guyana is now moving 60% of its oil exports to Europe, he said, while China has been losing market share of Brazilian oil to Europe.
  • Brazil and Guyana may face some competition from Argentina, as it looks to boost its exports of light sweet Medanito crude from the Vaca Muerta shale formation.
  • However, Medanito is more likely to become a regional grade, heading to the US rather than Europe.
  • In addition, Venezuelan crudes are unlikely to compete as they are heavier sour grades. These barrels have already shifted from Asia mainly to the USGC.
Energy BulletsCEEMEACommodities
Energy BulletsCEEMEACommodities

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