Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed.
The European Union has slowly reduced imports of Russian crude and fuel since March and agreed a full embargo that will take effect by end-2022.Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said.
Asian buyers have stepped in to rapidly increase purchases of Russian crude, even though Asia is not a natural market for Russian fuel because Asia refines more oil than it needs and is a net fuel exporter. Russia exported more than 2.5 million barrels per day of crude and some 2 million bpd of fuel to Europe before sanctions on the Russian financial sector, which has made trade much more difficult.
In total, naphtha and gasoline supplies from Russian ports to Oman and UAE have totalled nearly 550,000 tonnes this year compared with zero in the whole 2021, data showed.
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