Crude Summit: Brazil, Guyana replace Urals in Europe

Brazilian and Guyanese medium sweet grades have replaced Russian Urals in Europe and are unlikely to face competition from other Latin American countries such as Argentina, according to the head of trading and shipping at Brazilian independent Prio, Gustavo Hooper. "After the changes with the Russia and Ukraine war, China lost a bit of the market share for Brazilian grades and Europe gained momentum in the purchase of Brazilian grades," Hooper told the Argus Americas Crude Summit in Houston, Texas. Guyana is routing 60pc of its exports to Europe, Hooper said. Argentinian light sweet Medanito crude is expected to become a regional grade and less likely to compete globally with Brazilian and Guyanese crudes owing to logistical constraints, he said, while Venezuelan heavy sour crudes are different in quality from their Guyanese and Brazilian counterparts.