Russia Continues Oil Supplies to Mediterranean Countries – Bloomberg

Oil buyers in southern Europe are returning to the Russian crude market as the European Union’s ban on such supplies is still four months before it goes into effect.

This is reported by Bloomberg based on tracking the movement of ships in the region, Ukrinform reports.

“Shipments of Russian crude oil to ports in Italy and Turkey rose to multi-week highs in the seven days to August 5, offsetting another drop in supplies to customers in Northern Europe… Deliveries from Russia to the Mediterranean region as a whole were the highest since mid-June,” the publication points out.

In addition, the first deliveries of crude oil were made for the first time in four months to Spain and Greece.

Russian oil deliveries to European buyers are said to have reached a five-week high of 1.38 million barrels per day, although this is still below the 1.85 million barrels per day before the Russian attack on Ukraine.

Also, Russia continues to send about 1.75 million barrels of oil per day to Asia, although these flows fell after 2.1 million barrels per day were exported in April and May.

It is noted that cargo ships also worked to hide the origin of crude oil in order to allow cargoes under sanctions to continue to flow.

Bloomberg also noted that Russia has found a way to hide the origin of oil in order to circumvent Western restrictions by sending it through the Egyptian port, where oil of different origins is mixed.

As Ukrinform reported, only half of the G20 countries joined the sanctions against Russia imposed because of the war it started against Ukraine. Earlier, US Ambassador to the UN Linda Thomas-Greenfield warned African countries against buying anything other than grain and fertilizer from Russia, threatening secondary sanctions.

Leave a Reply