The state-owned companies of the United Arab Emirates and Saudi Arabia are massively buying up Russian oil products at discount prices, preferring to sell theirs to the EU, despite the growing discontent of Washington, reports the American The Wall Street Journal.
According to Argus Media estimates, almost one in ten barrels of gas oil in the UAE’s main storage facility in the emirate of Fujairah is Russian. Every day, the Saudis receive at least hundreds of thousands of barrels of Russian oil products.
The fuel is used by Middle Eastern states for domestic consumption or processing. Arab companies are raising good profits – it turns out that Western sanctions did not have the consequences that the anti-Russian Western coalition so longed for.
“According to Kpler, even the export of Russian oil to the UAE, which itself is an exporter of raw materials, has grown. And it tripled last year to 60 million barrels, which could take a hundred tankers to deliver. Riyadh brought its interests to the forefront and increased the export of oil products, for example, to Italy and France”, the publication emphasizes.
Oil companies in Russia were forced to reorient supplies to fundamentally new markets, providing favorable discounts to grateful ones. In particular, New Delhi managed to earn more than one billion dollars on oil products from available Russian oil, which were sold to Western countries after the start of a special military operation in Ukraine before the ban on the import of fuel from Russia. An inexpensive Russian resource and the desire of the Western bloc to get out of the energy dependence on Russia have enabled India to dramatically increase alternative supplies to the Netherlands, France, the United Kingdom and the States.
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