Russia replaces Venezuelan crude on European markets | WHAT REALLY HAPPENED


Russia replaces Venezuelan crude on European markets

European refiners are switching to Russian sour grades as US sanctions have shrunk Venezuela’s similar-grade exports, Reuters reports, adding that the Russian sour crude is getting increasingly expensive.

Citing sources from the trading industry, Reuters says the situation has been made worse by the fact that OPEC members have cut mainly their output of heavier, more sour grades under the OPEC+ agreement aimed at stimulating a price rise.

US crude is not an alternative as it is overwhelmingly light and sweet, while refineries in Europe are equipped to process heavier grades as well as light ones to make refined products.

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