Refined Products, Maritime & Shipping, Crude Oil, Wet Freight, Diesel-Gasoil
June 04, 2026
How European crude became oversupplied amid deep supply crisis
Featuring Patrick McAllister, Ernest Puey, Gary Clark, and George Delaney
HIGHLIGHTS
Asia demand weakness pressures oil balances
Strategic reserves add to oversupply issues
The global crude oil market continues to see disrupted exports from the Middle East. Yet, with soft Asian demand and the release of strategic reserves around the world, Europe now finds itself struggling to place excess crude oil barrels ahead of peak summer demand.
To examine the latest development in European crude oil balances, S&P Global Energy's Gary Clark, associate director of EMEA clean refined products, is joined by frontline price reporters Ernest Puey and Patrick McAllister to unpack supply drivers that have led to the current supply glut.
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North Sea BFOET crude loadings set at 451,612 b/d for July
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Azeri Light resilience short-lived on release of Libyan crude OSPs
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Related links:
Dated Brent - PCAAS00
CPC Blend CIF Augusta - CBCAS00
Azeri Light CIF Augusta - AAGZX00
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