United Arab Emirates resumed oil supplies to Europe

For the first time in the past two years, the UAE has sent oil to Europe after local importers refuse to buy Russian raw materials due to the “special operation” of the Russian Federation in Ukraine.

Almost 1 million barrels of oil are now being transported by the Moscow Spirit tanker, which was hired by the French company TotalEnergies, reports Bloomberg with reference to port and ship tracking data.

The oil tanker is heading to the port of Rotterdam (Netherlands). TotalEnergies sent an oil supertanker to Egypt. The cargo on it, apparently, will also end up in Europe, the agency writes.

Previously Reutersciting Refinitiv Eikon, reported that the last time the UAE sent oil to Europe in May 2020, a tanker with Das brand raw materials headed from Abu Dhabi to Italy.

The agency clarified that Moscow Spirit will load 1 million barrels of Murban crude oil in the port of Jebel Dhana in Abu Dhabi, after which the tanker will depart for the UK in early May.

More crude oil from the UAE (Murban, Das and Upper Zakum brands) will head to Europe in the coming months. She, as traders told Reuters, should replace the supply of Russian raw materials falling on the background of new sanctions. Global trade flows are “re-adjusting” to reflect changes in oil supplies from Russia, notes Forbes.

The United States and Great Britain abandoned Russian oil after the Russian invasion of Ukraine. The European Union also plans to join the embargo, but the process is hindered by disagreements between members of the alliance. The day before, Robert Habeck, the German vice-chancellor and economics minister, said the embargo would be agreed “within a few days.” At the same time, Russia’s revenues from oil exports have grown by 50% since the beginning of 2022, the International Energy Agency reported.

Earlier, our publication wrote, referring to the data of the analytical company Vortexathat a record 62 million barrels of Russian Urals oil are on ships stuck at sea due to sanctions imposed against the Russian Federation. Traders are unable to find buyers for raw materials due to Western sanctions and fears of potential importers, the agency explained. Reuters. Vortexa Americas Managing Director Clay Seigl stated:

“The figures suggesting that Russian exports are still relatively high do not show the whole truth. Russian oil in the sea continues to accumulate.”

According to him, 15% of Urals oil stuck at sea is on tankers without a specific destination, which is also a record. Some of this oil may go to buyers who wish to remain anonymous, the expert admitted.

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