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OIL
Finland halted imports of Urals crude imports last year in July and has since replaced it with imports from Norway, the UK and US, Refinitiv Eikon data showed.
- Finland ended all Russian oil purchases in July 2022, including under long-term contracts, according to the annual report of Oil.
- Finland imported 1.5mn tonnes of Russian Urals last year, accounting for 17% of the country’s total crude imports, down from 84% a year earlier.
- Shipments from Norway more than quadrupled to 5.65mn tonnes, 65% of total imports, as the closest alternative to Urals in the region is Norway's Johan Sverdrup grade, of which Finland imported some 3.5mn tonnes last year, according to Refinitiv Eikon data.
- Finland also took Norwegian grades Oseberg, Troll and Gudrun, and Forties and others from the UK. It imported 0.6mn tonnes of US WTI.
- Although the shift in purchases added to Neste's refining costs, margins were generally good last year as EU states reduced purchases of Russian oil products and global prices rose, traders said.
- Oil products' full-year total refining margin averaged $23.4/bbl in 2022, compared to $9/bbl in 2021, Neste's representative said.
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.
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