Due to the situation in Ukraine, local importers have refused to acquire Russian raw materials, so the United Arab Emirates has resumed oil supplies to Europe, says an article published in MEMO.
Load million barrels
According to the article, the French TotalEnergies-hired oil tanker Moscow Spirit transports roughly 1 million barrels of oil from the UAE to the Dutch port of Rotterdam.
The last time the UEA shipped oil to Europe was in May 2020, when a tanker carrying Das brand crude from Abu Dhabi made its way to Italy.
According to the article, Moscow Spirit will load one million barrels of Murban crude oil in the Abu Dhabi port of Jebel Dhana, after which the ship will sail to the United Kingdom in early May.
More sanctions
According to the article, the arbitrage window for Middle East crude to reach Europe opened after European customers abandoned Russian oil following Russia’s invasion of Ukraine, which it refers to as “a special operation.”
More cargoes of Abu Dhabi crude grades – Murban, Das, and Upper Zakum – are expected to arrive in Europe in the coming months to make up for the Russian shortfall as the European Union prepares new sanctions against Russian oil imports, traders said, potentially diverting some supplies away from Asia.
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Source: MEMO
