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Shafaq News/ The last remaining European buyers of Urals acid crude are looking for Russian-grade alternatives in order to fulfill contracts and ensure the productivity of European refineries, after the ban imposed by the European Union on the fifth of next December, which represents a shift in the lists of European refineries.
S&P Global Platts reported, citing a trader, that the crude blend (Kazakhstan CPC) has seen increasing demand as it is a light grade that can be easily blended with alternative sour crudes to produce a medium-acid alternative from the Urals,” noting that they “purchased Kazakh CPC Blend and Basrah Medium (Basrah Medium). In order to run them together to produce crude similar to Russian Urals to supply futures contract buyers to Europe.
The trader added that the test ore of the Kurdish blend and CPC blend is also being run together as an alternative to Ural.
One trader said he had heard that Basra Mediterranean is flowing more into Europe in the last month, adding, "It is an alternative to the Urals."
Kepler shipping data supports this view with 77,000 bpd flowing from Basra, Middle to Europe in October compared to September.
About 377,000 bpd were bound for Europe in October compared to 129,000 bpd in December 2021, the last full month of pre-war flight data in Ukraine.
This comes at a time when the Iraqi Oil Marketing Company SOMO lowered the official selling price for all its categories in November in a surprising move to claim a larger market share in Europe.
"Iraqi Sumo and Saudi Aramco should make the prices acceptable to compete with other regions such as Latin America and other sulfur acid producers," another trader said.
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Basra and Kurdistan ores are an alternative to Russian Urals crude
Shafaq News/ The last remaining European buyers of Urals acid crude are looking for Russian-grade alternatives in order to fulfill contracts and ensure the productivity of European refineries, after the ban imposed by the European Union on the fifth of next December, which represents a shift in the lists of European refineries.
S&P Global Platts reported, citing a trader, that the crude blend (Kazakhstan CPC) has seen increasing demand as it is a light grade that can be easily blended with alternative sour crudes to produce a medium-acid alternative from the Urals,” noting that they “purchased Kazakh CPC Blend and Basrah Medium (Basrah Medium). In order to run them together to produce crude similar to Russian Urals to supply futures contract buyers to Europe.
The trader added that the test ore of the Kurdish blend and CPC blend is also being run together as an alternative to Ural.
One trader said he had heard that Basra Mediterranean is flowing more into Europe in the last month, adding, "It is an alternative to the Urals."
Kepler shipping data supports this view with 77,000 bpd flowing from Basra, Middle to Europe in October compared to September.
About 377,000 bpd were bound for Europe in October compared to 129,000 bpd in December 2021, the last full month of pre-war flight data in Ukraine.
This comes at a time when the Iraqi Oil Marketing Company SOMO lowered the official selling price for all its categories in November in a surprising move to claim a larger market share in Europe.
"Iraqi Sumo and Saudi Aramco should make the prices acceptable to compete with other regions such as Latin America and other sulfur acid producers," another trader said.
[You must be registered and logged in to see this link.]
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