Asia may end the year 2022 with a sharp drop in crude inflows from Africa as relatively higher freight rates, a wider Brent-Dubai spread and increased competition from European refiners looking for alternatives to Russian supplies created hurdles, a trend that is unlikely to change anytime soon, analysts told SP Global Commodity Insights. In addition, the plentiful availability of Russian crude at discounted prices-shunned by many western countries-prompted refiners in leading consumers in Asia, such as India and China, to snap up as many cargoes as possible, displacing multiple grades of African crudes.
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