Middle East Is Piling Up On Russian Oil After Europe Shunned Trade Deals With Vladimir Putin

Zinger Key Points
  • The Middle East oil-product imports from Russia in June reached their highest since 2016.
  • Meanwhile, Europe's imports from Russia slid by 30%.
Middle East Is Piling Up On Russian Oil After Europe Shunned Trade Deals With Vladimir Putin

The Middle East has been piling up on a huge portion of Russian oil exports since the European nations and the U.S. imposed sanctions on Vladimir Putin's country.

What Happened: The exports from Russia to the Middle East have continuously risen since February, hitting a high of 155,000 barrels a day in June, Bloomberg reported.

According to Jonathan Leitch, an oil analyst at Turner, Mason & Co, that number is expected to inflate towards the end of the year. "When we approach the end of the year, the flow may get bigger," he told the publication.

The report pointed out that the Middle East oil-product imports from Russia in June reached their highest since 2016. At the same time, Europe's imports from Russia slid by 30%.

Over a third of all the imports from Russia goes to UAE’s oil trading and storage hub in Fajairah, and it is hard to track where it goes after that, according to Koen Wessels, a senior oil products analyst at Energy Aspects.

The developments came after official data showed that India is helping Russia export oil through its Dubai subsidiary, amid the global sanctions on Moscow for invading Ukraine.

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Posted In: Jonathan LeitchKoen WesselsOilRussiaAsiaGovernmentNewsRegulationsGlobalMarkets