LONDON : Western sanctions on Russian and Iranian oil have channelled cheap fuel to Asia and in the process eroded a decades-long trend whereby the continent has paid more for energy than Europe, according to traders, analysts and Refinitiv Eikon data.Analysts and government officials from consumer countr
LONDON : Western sanctions on Russian and Iranian oil have channelled cheap fuel to Asia and in the process eroded a decades-long trend whereby the continent has paid more for energy than Europe, according to traders, analysts and Refinitiv Eikon data.
Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Asian buyers have made previous attempts to erode the premium, investing in refining capacity to boost their demand and improve their negotiating power.
Other big OPEC exporters Iraq and Kuwait have also reduced their OSPs to Asia since November. Iraq, the only one of the two which also issues prices for Europe, has cut the differentials for Basrah Medium and Heavy to Asia, and increased them to Europe. The outright price of Arab Light crude, according to an approximation based on Refinitiv data, in Europe moved closer to parity and sometimes exceeded that for Asia in 2023.'NO FREE MARKET'
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