Saudi Arabia and Iraq are redirecting more and more of their crude oil to Europe, helping the continent's refineries overcome the rejection of Russian oil. Reported by Bloomberg.
Bloomberg calculated data on the pace of oil transportation through a pipeline running through Egypt and ships through the Suez Canal. Total flows of crude oil from the Middle East to Europe rose to 2.2 million barrels per day, up nearly 90% from January, the last full month before the start of the war, according to the agency..
Saudi Arabia supplies tankers with oil to the Egyptian terminal Ain Sokhna. Then the raw material enters the Sumed pipeline and proceeds to the terminal in the Mediterranean port of Sidi Kerir. There, oil is again shipped to tankers and sent to Europe.. In the first three weeks of July, more than 1 million barrels of oil per day flowed through the pipeline - twice as much as in the same period in 2021 and 20% more than last month.
[see_also ids\u003d"
Iraq transports oil only by sea. In total, tankers sailing from the Persian Gulf to the Mediterranean through the Suez Canal carried about 1.2 million barrels of oil per day.. Most of the oil was shipped in Iraq.
According to Lars Barstad, CEO of Frontline Management AS, Europe's appetite for Middle Eastern crude is boosting so-called ton-miles, a degree of demand that multiplies the amount of cargo by how far it is shipped..
“EU import ton-miles have at least doubled,” said Barstad, who runs the management company for one of the world’s largest tanker owners.. “Tons of sweet Russian oil have tripled, if not more.”.
[see_also ids\u003d"
Recall that after Biden's visit, Saudi Arabia promised to maintain a balance in the global oil market, and also announced its intention to expand oil production..
Recall also that after a three-month break, Libya resumed oil exports.. According to the Libyan National Oil Corporation, the operation of a field owned by Vaha Petrol began, and production was restored at five fields owned by El-Huruc and Arabian Gulf Oil Company..