Analysis: Brazilian and Venezuelan oil would be an option to partially replace imports from Russia to Europe

The BRS Tanker report concludes that there are insufficient alternative sources of supply in the near term to offset the loss of 5 mb/d of Russian crude exports unless OPEC+ decides to accelerate its production increases.

RIO DE JANEIRO, BRAZIL - Alternative supply shortages of Russian diesel, particularly in Europe, could only be avoided through a combination of high prices and demand destruction.

Moreover, in tanker markets, LR (long-range) vessels would be winners, while MR (medium-range) vessels would not do well due to changing trade patterns. But what will happen when it comes to replacing Russian crude oil supplies in Europe, and how will the forced market changes affect tanker demand?

According to BRS Tanker, crude oil from the Brazilian pre-salt basin is a good alternative to crude oil from Russia's Urals (which . . .

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