The clear winner in the race to replace Russian oil at Europe's refineries is Norway's Johan Sverdrup crude, according to Refinitiv Eikon data and traders.
Initially sold mostly to Asia, an EU ban on Russian seaborne oil imports imposed in December has opened up the European market where the medium sour grade has become a primary feedstock for refiners in countries such as Germany, Poland and Finland.
Johan Sverdrup and Urals are both medium-sour grades with high diesel yields, with the Norwegian grade very close in quality to its Russian competitor and a lower sulphur content. "Johan Sverdrup has become a key element in Europe's oil industry, effectively replacing Urals as the medium sour grade of reference," said Viktor Katona, lead crude analyst in Kpler.
Poland stopped receiving Russian oil in February, with top refiner PKN Orlen ending its only remaining supply contract with Tatneft.
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