Middle Eastern crude flows to Europe rebounded in 2022 amid the huge market upheaval generated by the displacement of Russian volumes. But flows from the region remained below pre-Covid levels, with 2019’s 1.8mn b/d just ahead of last year’s 1.7mn b/d according to data intelligence firm Kpler.

Thomas Waymel, SVP Trading & Shipping at TotalEnergies told this week’s S&P Global Commodity Insights MPGC conference in Dubai that “this feels very counterintuitive, because we thought that the Middle East was going to be the best replacement for the Urals crude that Europe is no longer going to take.” (CONTINUED - 976 WORDS)