Europe's oil refiners are paying the price for US oil sanctions against Venezuela and Iran, buying expensive Russian oil, Reuters reported.

As it was noted, Washington’s sanctions have blocked the sour crude on the world market, so Europe has to buy expensive Russian oil.

Compounding the impact of sanctions, OPEC members have mainly cut sour crude output.

As a result, European refiners have been left competing to secure as much medium, sour Russian Urals as they can, pushing the differential of that oil to levels not seen since 2013.