UAE sending crude to Europe for first time in 2 years

The United Arab Emirates has resumed oil supplies to Europe, amid the refusal of local importers to buy Russian raw materials due to the war in Ukraine, Bloomberg reports.

According to the report, the oil tanker, Moscow Spirit, hired by the French TotalEnergies, carries about 1 million barrels of oil from the UAE to the Dutch port of Rotterdam.

The last time the UEA sent oil to Europe was in May 2020, when a tanker carrying Das brand crude headed for Italy from Abu Dhabi. This time, Moscow Spirit will load one million barrels of Murban crude oil in the port of Jebel Dhana in Abu Dhabi, after which the ship will head to the UK in early May, the report says.

The arbitrage window for Middle East crude to head to Europe opened after European buyers shunned Russian oil following Russia’s invasion of Ukraine, what it calls “a special operation”, the report also said.

More cargoes of Abu Dhabi crude grades – Murban, Das and Upper Zakum – are expected to head to Europe in the months to come, to replace the Russian shortfall as the European Union prepares more sanctions on Russian oil imports, traders said, possibly diverting some supplies away from Asia, report added.

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