Russia redirects oil exports to the UAE

The UAE is increasing the import of Rosneft with discounts due to the lack of alternative buyers in moscow.

As a result of sanctions, russia had to change the traditional flows of energy carriers. Thus, the main buyers of Rosneft became the countries of Asia and the Middle East. So, only since November 2022, about 1.5 million russian barrels have arrived in the UAE, Reuters reports.

The first deliveries of russian oil to the UAE were back in 2019. However, tanker tracking data indicates that volumes increased after the russian invasion of Ukraine. This is stated in the latest analysis of energy company Kpler.

USM recently reported that India’s Rosneft imports exceeded the combined imports from Iraq and Saudi Arabia. Refiners’ appetite for importing russian barrels is likely to remain high as long as russia continues to offer huge discounts on its oil.