S&P Global, referring to tanker tracking data, noted that Russian oil for European refiners is being actively replaced by supplies from Kazakhstan, Azerbaijan, Norway, the United States and Guyana.
Ten days after the imposition of the EU embargo and the G7 price cap, EU maritime imports of Urals fell from 1.5 million b/d to just 123,000 b/d.
Many refineries in the EU, already in November, turned to Kazakhstani grades CPC Blend and KEBCO, which together became the largest source of imports (13% of EU offshore oil imports) for Europe at the level of 1.2 million b/d.
Other key grades of oil helping to fill the gap in Russian supplies are Azeri Light, Brazilian Lula/Tupi, Norwegian Johan Sverdrup, American WTI Midland, Guyanese Liza and Unity Gold blends. Their total imports to the EU rose by 770,000 b/d compared to the pre-sanction level in December.