European refiners' thirst for light-sweet crudes has propelled sweet crude premiums in recent weeks. As these premiums continue to test historical highs, it raises questions as to whether product prices are catching up fast enough to support this price momentum.
Global crude exports ended 2021 on a high, driven by higher volumes from key OPEC Middle East producers, the US and Russia.
A cargo of Libyan crude is heading to PADD 5 for the first time in almost a year.