Insight
Could the return of Iranian sour barrels provide sweeter European refining margins?
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Report summary
The removal of sanctions on Iran increases the supply of medium crudes, which could increase the Urals – Brent differential so benefiting European refiners. A historical review suggests the volumes of incremental Iranian exports are insufficient to widen the Urals – Brent differential, particularly when the optimal export market remains Asia. European refiners could benefit if Iran decides that diverting existing volumes to Europe to re-establish relations is a strategic imperative.
Table of contents
- Executive Summary
- Introduction
- Historical Urals - Brent differential
- Iranian Crude Export Growth
- Commercial optimisation: Asia v Europe
- Outlook for 2016
- Key risks and uncertainties
Tables and charts
This report includes 4 images and tables including:
- Figure 1: Urals – Brent historical annual price differential (percentage of Brent price)
- Figure 2: Urals – Brent differential plus EU crude imports from FSU + Iran
- Could the return of Iranian sour barrels provide sweeter European refining margins?: Image 3
- Could the return of Iranian sour barrels provide sweeter European refining margins?: Image 4
What's included
This report contains:
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