Norwegian crude is turning out be the biggest winner from European sanctions on Russia, with more crude oil from Norway’s Johan Sverdrup ending up at European refineries
The Johan Sverdrup and Urals grades, similar in content and gravity, have now switched their previously top destinations, highlighting the major shift in global crude oil flows since the West imposed sanctions on Russia's oil. has medium density and medium sulfur content, lower than the sulfur content of Urals, which is also a medium sour crude. Both grades have high diesel yields.
Johan Sverdrup also accounted for at least 50% of Finland's crude oil imports and is also heading to Lithuania, according to Refinitiv Eikon. Johan Sverdrup is estimated to be able to meet up to 7% of European oil demand, the operator of the oilfield, Equinor, says.
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