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.