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OIL
Europe’s crude imports from Iraq are set to remain flat m-o-m in February at just 500kbd and nearly 400kbd below the 2023 average according to Vortexa.
- Italy, Greece, Turkey and Netherlands account for about 70% of imports into Europe.
- The low flows are aggravated by the Red Sea transit diversions via the Cape of Good. Only a single tanker arrived between Feb 2-19 due to the diversions.
- Expected arrivals in March 1-25 suggest a 130k/d increase as the rerouted barrels started to arrive again from 20 Feb.
- The low supply has been exacerbated by the absence of 400k/d of Kirkuk exports since March 2023 due to the ITP pipeline closure.
- Imports from Iraq are highly likely to continue despite the longer voyage times with feedstocks skewed to the light side in the absence of Russian Urals.
Source: Vortexa
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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