Middle Eastern exports of Russia’s oil products rose to a record high against the backdrop of sanctions and falling European supplies.
The Russian Federation has increased fuel supplies to Middle Eastern countries against the backdrop of a reduction in exports of petroleum products to Europe. Bloomberg reported this on July 13th.
It was noted that in February, Russia’s exports to the Middle East reached approximately 40,000 barrels per day, but in June it rose to 155,000 barrels. This is the highest number since 2016.
According to forecasts, in July the supply of oil products from Russia will exceed 220,000 barrels per day.
At the same time, exports to Europe dropped by 30% over the same period.
According to Bloomberg, most of the Middle East’s imports from Russia are fuel oil. It also includes gasoline, jet and diesel fuel.
Experts stressed that shipments could slow in the future due to potential restrictions that would make it difficult for Russia to insure export shipments. Also, sales volumes were far from offsetting the fall in European imports, which dropped by more than half a million barrels a day between February and June.
Russia had previously reportedly managed to avoid the worst recession scenario due to growing oil production and exports, weakening the impact of US and European sanctions in response to the war in Ukraine.
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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.