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17 Jul, 2022 08:04

Russian fuel is flooding the Middle East – Bloomberg

Deliveries soared in June and are expected to climb even higher in July
Russian fuel is flooding the Middle East – Bloomberg

Russian shipments of oil products to the Middle East soared to their highest level in at least six years in June, while deliveries to Europe fell by around 30%, Bloomberg reported on Wednesday, citing data from the analytical company Vortexa.

According to the report, Middle Eastern countries imported around 155,000 barrels of Russian fuel per day in June, the most since at least early 2016. Data also shows that imports started growing rapidly in February, when Moscow launched its military operation in Ukraine, prompting EU member states and other Western nations to place sanctions on Russia, including its fuel exports.

Over a third of all Russian fuel imports went to the Port of Fujairah in the UAE, Vortexa said. Russian deliveries mainly consisted of fuel oil, but included gasoline, jet and diesel fuel, and a number of other petroleum products.

Analysts expect that Russian fuel shipments to the Middle East in July will surpass those in June and exceed 220,000 barrels per day.

According to Bloomberg, these shipments are only a fraction of the total Russian exports of oil products, and are not able to compensate for the drop in deliveries to Europe, which fell by more than 500,000 barrels per day from February to June.

The EU placed a partial embargo on Russian oil last month, while gradually reducing shipments even prior to that, since the US banned Russian oil deliveries in March. The EU ban will affect offshore shipments of Russian oil and take effect in December. Moscow considers the EU and US sanctions illegal, and is taking steps to diversify exports, including redirecting them to China and India.

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