European refiners are paying the price for U.S. oil sanctions on Venezuela and Iran as they scramble to replace the sour crude Washington has blocked from the global market with increasingly expensive Russian oil, trading sources said and data showed. Compounding the impact of sanctions, OPEC members have mainly cut sour crude output as part of their deal with allied producers to boost oil prices while a large, new refinery, designed to run on sour oil, has just started up in Turkey. U.S. output is soaring and exports are set to jump later this year as new infrastructure comes online but it is not an alternative, being mainly light and sweet. As a result, European refiners […]