Shockwaves From Russia’s Aggression Spread Further Through Global Oil Markets
- Azeri crude oil, popular in Europe, trading at huge premiums
- Markets for light, sweet supplies strengthened globally
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The shockwaves from Russia’s invasion of Ukraine are spreading ever further through global oil markets.
European refiners have been shunning cargoes of Russia’s Urals grade, a crude variety useful for making gasoline, diesel and jet fuel yet cheapened by its content of corrosive sulfur. With similar blends in short supply, they’re being forced to chase higher quality crude -- the industry’s most prized barrels, known as light sweet.