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European Crude Imports Leaning More Sweet

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Europe’s crude imports are leaning more sweet now that sour Russian barrels are largely sanctioned other than exceptional cases according to Vortexa.

  • Sweet crude accounted for 52% of European imports as of February 2023, the highest proportion recorded according to Vortexa data and a 10 percentage-point increase y-o-y. Sour barrels accounted for 46% - having ranged from about 50-60% in the last few years.
  • Europe’s crude/condensate imports declined 500kbd m-o-m in March (days 1-14), as imports from the US declined from their record-levels observed in recent months.

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Europe’s crude imports are leaning more sweet now that sour Russian barrels are largely sanctioned other than exceptional cases according to Vortexa.

  • Sweet crude accounted for 52% of European imports as of February 2023, the highest proportion recorded according to Vortexa data and a 10 percentage-point increase y-o-y. Sour barrels accounted for 46% - having ranged from about 50-60% in the last few years.
  • Europe’s crude/condensate imports declined 500kbd m-o-m in March (days 1-14), as imports from the US declined from their record-levels observed in recent months.

Keep reading...Show less