Oil shipments from Middle East to Europe are soaring

2022-07-23 06:54:13

(MENAFN) Crude oil exports from the Middle East to Europe have increased by 90% since January, as the EU avoids Russian oil owing to sanctions, according to Bloomberg, using vessel-tracking data.

Pumping quantities from the Middle East to Europe have virtually doubled so far this year, according to the research.

According to Bloomberg, more over 1 million barrels per day were pushed via Egypt's Sumed pipeline from the Middle East, mostly Saudi Arabia, to Europe in the first three weeks of July. Another 1.2 million people arrived via the Suez Canal, largely from Iraq.

As per the news site, this is 90 percent more than what Europe got from the region in January, the month before Russia launched its military action in Ukraine, which was quickly followed by EU sanctions against Moscow, including Russian energy supplies. The EU imposed more sanctions on Russia in early June, including a temporary embargo on Russian oil exports by sea.

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