The UAE is increasing oil exports to Europe
23.05.2023 - 16:40
Oil shipments from the UAE to European countries will increase in the coming months
UAE plans to increase oil exports to Europe. It is expected that the supply of the energy carrier will increase three times to more than 300,000 barrels per day. This was announced by the director of the trade and logistics department of TotalEnergies, Thomas Weimel.
“Producers from the Middle East have limited their supply, and perhaps their pricing policy on crude oil has opened up new opportunities for exports to Europe,” Weimel noted.
Daily volume for Emirati Murban crude futures now stands at more than 10,000 contracts with open interest, sometimes reaching 45,000 contracts, ICE Futures Abu Dhabi (IFAD) president Gary King said.
Currently, oil from the UAE mainly goes to China, Thailand, India and South Korea. USM previously wrote that world oil prices continue to fall.
