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S&P: Asian refineries actively import Azerbaijan's Azeri Light

03 December 2020 15:58 (UTC +04:00)

Asian refineries actively import sweet crude grades such as Kazakhstan's CPC Blend and Azerbaijan's Azeri Light, APA-Economics reports citing S&P.

Market sources have told S&P Global Platts that European refiners have readily absorbed the Libyan crudes aided by fewer cargoes of US crude arriving into the region, and as recovering Asian attracts competing for sweet crude grades such as Kazakhstan's CPC Blend and Azerbaijan's Azeri Light.

According to S&P Global Platts, although a three-month extension of the current OPEC+ output cuts has largely been priced into crude futures prices, a prospect of constraints on medium-sour Middle East crudes means concerns over a continued near-term oil glut are fading. In addition, initial concerns of returning Libyan supplies rapidly swamping the market for sweet grades in the Mediterranean have not materialized.

Recall that Libya recovered its oil productions nearly two months ago after the civil war almost choked the country’s energy production.