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European oil markets after the Russian embargo (part 1)

Oil Markets

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The Impact of Chemco Crude Oil on European Refiners

Russian euros has been a base little grade for European refiners. But in terms of quality, at least there's actually a ready-made replacement for euros out there. The only problem is there's not very much of it. So that replacement is a grade called chemco, a Kazakh export blend crude oil. It loads from the same terminal as Russian euros: Usluga and Novarat Sea. And so we have seen a lot more purchases of Russian crude versus Platt's Dubai over last few months.

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