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Gulf doubled oil supplies to Europe to cover Russia shortage

The Al Riffa container ship docked on 29, 2022 [Angel Garcia/Bloomberg via Getty Images]
Gas storage containers docked on 29, 2022 [Angel Garcia/Bloomberg via Getty Images]

Supplies of transportation fuel from the Arab Gulf region to Europe have increased 130 per cent, as the Federation of Arabian Gulf States covers the current supply shortage from Russia due to sanctions resulting from its war on Ukraine, Bloomberg has reported.

According to the data collected by Bloomberg, supplies of transportation fuel from the Arabian Gulf to Europe are expected to reach about 379,000 barrels per day; the highest rate since October 2020. This will cover the shortage of 166,000 barrels per day of European imports from Russia.

Although Russian energy exports to Europe have not been affected by sanctions, concerns have increased among oil traders and shipping and insurance companies about dealing with Russian imports.

Bloomberg added that Middle East revenues from oil exports over this month may reach up to $1.5 billion, based on current prices.

The oil prices used to fuel trucks, heavy vehicles, and vessels in Europe have surged by 70 per cent this year, where they exceeded the rise in crude oil price, which surged to $100 a barrel after Russia's invasion.

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