European MED refineries slate
European refineries in the Mediterranean Sea have faced a significant shift in their overall crude diet for 2017.
Iran’s return to the global crude market has played a major role in precipitating this change. In one year, processing of Iranian crude in European MED refineries has more than tripled. In June, a record 726 kbd of Iranian crude was processed in the region, averaging 573 kbd over the first half of the year. This is a stark change from volume levels seen June 2016, in which Iranian crude input amounted to approximately 210 kbd.
WAF grades are also progressively returning to MED slates after lower than average volumes realized in April and May.
Iranian and WAF crude oil grades are increasingly serving as substitutes for CPC and other Middle-Eastern grades, which have shown to be less present in June’s slates.