Saudi Arabia is positioning itself to supply more oil to Europe as traditional buyers of Russian barrels look to diversify ahead of looming sanctions in early December and analysis suggests the trend could become more pronounced in 2023. Russian crude has historically made up about a fifth of Europe's crude diet. Since the EU moved to impose sanctions on Russian barrels, key consumers have been looking to wean themselves off medium sour Russian Urals in favor of comparable grades in the Middle East. Regular suppliers to the European market such as the US and West Africa have also been stepping up with lighter and sweeter grades.
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