World trade flows are “re-adjusting” to reflect changes in oil supplies from Russia, a businessman said.
The United Arab Emirates has resumed oil supplies to Europe amid the refusal of local importers to buy Russian raw materials because of the war in Ukraine. Bloomberg reported this the other day, citing port and ship tracking data.
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According to them, the Moscow Spirit oil tanker, leased by French TotalEnergies, carries approximately 1 million barrels of oil from the UAE to the Dutch port of Rotterdam. TotalEnergies also shipped an oil supertanker to Egypt. Most likely, the cargo on this ship will also go to Europe, the agency notes.
The last time the UAE sent oil to Europe was in May 2020, when a tanker carrying Das brand crude was en route to Italy from Abu Dhabi. According to Reuters, this time Moscow Spirit will load 1 million barrels of Murban crude oil at the port of Jebel Dhana in Abu Dhabi, after which the ship will head to the UK in early May.
In addition, more crude from the UAE (Murban, Das and Upper Zakum brands) will be shipped to Europe in the coming months, which should replace Russia’s falling supplies amid new sanctions, traders told Reuters.
“Global trade flows are‘ re-adjusting ’to reflect changes in oil supplies from Russia,” said one of them.
On the eve it was reported that Russian Urals oil tankers were stranded at sea due to lack of buyers. These ships carry approximately 62 million barrels of raw material. This is a record amount of oil with no final destination.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.