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OIL
Europe is increasing its reliance on Latin American medium-heavy crudes and US light sweet crude to help fill the gap left by sanctions on Russian grades according to Vortexa.
- Similarly – the US has increased imports of Latin American fuel oil and medium-heavy crude due to its sanctions on Russian fuel oil.
- The increase in Latin American supplies to the US, UK and EU however falls well short of fully offsetting Russian volumes that have been lost as the regions are forced to diversify import options.
- Global availability of medium-heavy sour crude grades is tightening as Russia shows commitment to its production and export cuts while increasingly ramping up production at the Al Zour refinery in the Middle East is also set to constrain availability into Q3.
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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