As trade flows change, US crude oil exports will be in demand this year – #trade #flows #change #crude #oil #exports #demand #year
HOUSTON, Feb 17 (Reuters) – Boosted by a shift in trade flows following Russia’s aggression against Ukraine USA crude oil exports this year Europe and will continue to look to Asia for supplies, company officials and analysts said.
Western sanctions on Russia’s raw materials and oil products, many Europe as his country thirsts for alternative supplies USAhas led to an increase in the demand for crude oil products. This year Russia that the flow of oil to India and China will continue, USA increasing volumes of crude oil Europe and is expected to go to Asian customers.
“The main change in flow is U.S. crude going to Europe,” Colin Parfitt, vice president of midstream company Chevron Corp ( CVX.N ), told Reuters on the sidelines of the Argus Americas Crude Summit. “For this year, I am quite sure that Europe Russia is deprived of its oil, and we will see more US crude there.”
U.S. crude oil exports to Europe rose to about 1.69 million barrels per day (bpd) in December, the highest in at least two years, according to data and analyst firm Kpler. It has since declined to about 1.42 million barrels in February.
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GRAPHIC: US crude oil exports to Europe hit multi-year high https://graphics.reuters.com/USA-OIL/CONFERENCE/byprlkzrxpe/
Reuters graphics
In December in Western countries Russia unprecedented 60 per barrel of oil dollars customers in Asia and India are buying Russian Urals crude oil at a discount after the price cap was imposed. About 25% of India’s crude oil imports now come from Russia, said Amit Bilolikar, deputy general manager of crude oil trading at Bharat Petroleum.
Bilolikar sees US exports to India on the rise following recent US exports to Asia at an all-time record. Matt Smith, Kpler’s leading oil analyst for America, the country coronavirus China is also expected to buy more US crude as it eases its restrictions.
For its part, Canada will continue to export oil through the U.S. Gulf Coast, especially as global buyers demand the North American nation’s heavy crude, Enbridge Inc ( ENB.TO ) Executive Vice President Colin Gruending said.
In Colombia, Ecopetrol ( ECO.CN ) is also seeing strong appetite for its heavy crudes in Asia, with increased volumes going to India, said Pedro Manrique, the firm’s vice president of commercial and marketing.
Reporting by Stephanie Kelly and Arathy Somasekhar in Houston; Edited by David Gregorio
Our standards: Thomson Reuters Trust Principles.
Stephanie Kelly
2023-02-17 22:43:43
Source – reuters
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