Houston—A glut of sour crude in Europe has caused at least 5.7 million barrels of Iraqi crude to be redirected to the US Gulf Coast, according to Platts trade flow software cFlow. A total 11 million barrels of October Iraqi crude loadings were already destined for the US, according to a loading program seen by Platts. On top of that, barrels originally destined for Europe have been drawn to the USGC by better netbacks.
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