European refiners are increasingly turning to Saudi Arabia to replace lost Russian volumes. Exports from the kingdom to Europe rose to their highest level in more than two years last month, despite Aramco pricing its crude to the continent at record high premiums to ICE Brent.

Saudi crude exports to Europe hit 1.20mn b/d in August according to data intelligence firm Kpler (see chart 1). Exports to Europe have rarely exceeded 1mn b/d since the early-2010s. The last time the mark was recorded was April 2020, during Saudi Arabia’s short-lived market-share war with Russia when it flooded the market with surplus barrels. (CONTINUED - 902 WORDS)