The EU embargo on Iranian oil, which took effect July 1, has sparked a rush for Russian crude, with the Financial Times predicting that, although in the mid-term EU countries would wish to fill the gap by importing more fuel from Saudi Russia, Russia’s Urals oil, which largely mirrors the quality of Iranian crude, is currently seen as an ideal replacement, the Voice of Russia reports today.
Refiners who had waited until the last minute to cut all their links with Iran, including Italy’s Eni and Turkey’s Turpas, have rushed into the Urals market, triggering a price jump.
On Monday Urals was trading higher than Brent.
Russian oil up on Iran embargo
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