Russian share of Europe oil market under threat as exports hit 20-year lows

MOSCOW (Reuters) – Russian oil exports to Europe are set to hit their lowest levels in two decades in July, with an output cut deal prompting other suppliers to fill the gap left by Moscow, data from traders and Refinitiv Eikon shows. Russia is set to slash seaborne Urals supplies to Europe to 3.8 million tonnes (900,000 barrels per day) next month, its lowest since 1999, when President Vladimir Putin first came to power as prime minister. “This is a shock for everyone … Even the American oil is currently more profitable to refine … Requests for oil supplies from the United States have increased,” a trading source said. Light oil flows from the United States to Europe were close to 3 million tonnes in both May and June, just 1 million tonnes lower than a record high in March, Refinitiv Eikon data shows. Supplies from the United States to Europe remain ample despite oil production decrease in the U.S. by 2.1 million bpd from March, as oil prices have plummeted due to overproduction and the fallout from the coronavirus crisis. Through May to July, Russia produced 2 million bpd less due to the global oil output cut deal, which… continue reading

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