The war is raging in Ukraine, and in retaliation the Europeans have decided to do without most of their Russian oil imports by the end of 2022. The challenge is to find alternative suppliers. The French Minister of the Economy, Bruno Le Maire, spoke of “ ongoing discussions with the United Arab Emirates.
Since the beginning of May, the European Commission has declared that it wants get rid of russian oil within six months, the United Arab Emirates reappeared on the map of European crude suppliers. Abu Dhabi can be an at least temporary alternative to Russian oil and diesel “, estimated the French Minister of the Economy, Bruno Le Maire.
According to the Bloomberg agency, at least six million barrels of Emirati oil will head for Europe in July. It’s the first time in two years. Usually, Emirati crude takes the Asian route. But between the re-containments of recent months and the recent influx of cheap Russian oil, the region has been less thirsty for oil from Abu Dhabi.
Abu Dhabi cannot replace Russian oil on its own
The Europeans are therefore exploiting this window of opportunity even if it comes at a price of gold. Its barrel for July delivery traded for $109.69. With the rise, certainly symbolicdecided by the exporting countries (including Russia) on Thursday 2 June, new shipments could head for Europe.
But as the Emirati Minister of Energy has acknowledged, his country alone cannot replace Russia and its one million fewer barrels.
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