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Shafaq News/ Iraq increased its oil exports to Europe by more than 20% in five months, while European refineries found themselves suffering from an excess supply of crude after fear of a shortage.
According to Refinitiv Eikon data for shipping services, Iraq increased its oil exports to Europe by more than 20% on an annual basis in the period from July to November, indicating that the increase in its exports to Europe after facing stiffer competition in Asia from the cheaper Russian Urals oil.
At the same time, European refineries found themselves suffering from an oversupply of crude, as the expected shortage did not materialize due to the looming European Union ban on Russian oil.
A number of traders pointed to Europe's ability to replace Russian oil with grades from the Middle East, the United States and Latin America, while Asia requires less crude oil due to the economic slowdown and the increased use of Russian barrels.
Russia's Urals crude prices jumped in August as traders and refiners scrambled to buy as many barrels as possible, fearing an EU embargo on Russian oil could lead to shortages.
The European Union is set to ban imports of Russian crude from December 5 and oil products from February 5.
Traders said refineries have adapted to living without Russian crude, which has been a mainstay of Europe's refining system.
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Iraq raises its exports to Europe by more than 20% in 5 months
Shafaq News/ Iraq increased its oil exports to Europe by more than 20% in five months, while European refineries found themselves suffering from an excess supply of crude after fear of a shortage.
According to Refinitiv Eikon data for shipping services, Iraq increased its oil exports to Europe by more than 20% on an annual basis in the period from July to November, indicating that the increase in its exports to Europe after facing stiffer competition in Asia from the cheaper Russian Urals oil.
At the same time, European refineries found themselves suffering from an oversupply of crude, as the expected shortage did not materialize due to the looming European Union ban on Russian oil.
A number of traders pointed to Europe's ability to replace Russian oil with grades from the Middle East, the United States and Latin America, while Asia requires less crude oil due to the economic slowdown and the increased use of Russian barrels.
Russia's Urals crude prices jumped in August as traders and refiners scrambled to buy as many barrels as possible, fearing an EU embargo on Russian oil could lead to shortages.
The European Union is set to ban imports of Russian crude from December 5 and oil products from February 5.
Traders said refineries have adapted to living without Russian crude, which has been a mainstay of Europe's refining system.
[You must be registered and logged in to see this link.]
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