DAILY ENERGY REPORT
Russia’s oil product exports to Arab Countries, EIA inventory report, Norway’s development of oil and gas fields, Mexico’s refining goal, WEF on energy transition, China’s oil imports, and more
CHART OF THE DAY: Russia’s Oil Product Exports to Arab Countries
Summary:
Figure (1) above on Russian petroleum product exports to Arab countries shows how exports increased over two phases: the first after Russia’s invasion of Ukraine in February 2022, and the second following the EU imposition of sanctions on Russian petroleum products in early February 2023.
EOA’s Main Takeaway:
1- Russia has been able to find new markets for its petroleum products.
2- Twelve Arab countries are importing Russian petroleum products.
3- The biggest importers are the United Arab Emirates (UAE) and Saudi Arabia. Imports may increase during the summer months.
4- While some pundits may argue that the increase in imports of Russian oil is politically motivated, we believe such oil flows are driven by pure economics.