Free Trial

Europe Switching from Urals to Arab Light

OIL

Europe continues to reduce its crude reliance on Russian Urals according to Vortexa.

  • In November so far, Europe's imports have fallen to 22%, a significant 40pp drop compared to Jan 22. Ural imports had fallen to an average of 900 kbd from March to November 2022, down 500 kbd from June 21 to February 22.
  • European demand for alternative medium-sour grades have increased as Urals shipments have decreased, with Arab Light now dominating the market.
  • In November, 35% of Europe's medium sour seaborne imports were Arab Light, up 20pp from February 2022.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.