Search resuls for: "Julia Payne Ahmad Ghaddar"
1 mentions found
LONDON, Nov 18 (Reuters) - European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.
The front-month Brent crude futures spread narrowed sharply this week, reflecting better supply in the physical oil market as fears over the EU embargo on Russian crude begin to subside.
Reuters Graphics"There's too much oil around," one European crude trader said.
A G7 price cap on Russian crude also comes into effect on Dec. 5.
ALTERNATIVES SOURCESTraders said refiners have adjusted to living without Russian crude, which had been a mainstay of Europe's refining system.