Saudi Arabia’s new oil blend sold to Europe this month to compensate for lost Libyan barrels is meeting muted response from traders and refiners who are still in the dark over future volumes and unsure of its quality.
Saudi Arabia has sold 2 million barrels of new crude or three mid-sized cargoes to European buyers, a source at state-run Saudi Aramco said.
The yet-to-be officially named blend, dubbed “special brew”, was bought by BP and Austria’s OMV. New volumes are expected this month but traders said the crude would not be an adequate substitute for Libyan easy-to-refine, light, sweet oil.
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