European refiners are paying the price for U.S. oil sanctions on Venezuela and I...
MOSCOW - European refiners are paying the price for U.S. oil sanctions on Venezuela and Iran as they scramble to replace the sour crude Washington has blocked from the global market with increasingly expensive Russian oil, trading sources said and data showed.
As a result, European refiners have been left competing to secure as much medium, sour Russian Urals as they can, pushing the differential of that oil to levels not seen since 2013. Even though sanctions on Venezuelan crude will not come into effect until the end of April, the oil is effectively already untouchable as the U.S. State Department has exerted direct pressure on foreign companies to stop all dealings.
Iraq reduced its contracted volumes for European refiners in 2019 and increasingly sells its oil to the highest bidder via tender.
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