Reuters exclusively reported that Russian oil producers supplied their first cargoes of CPC Blend crude to the United Arab Emirates (UAE) in August and September, traders told Reuters, opening up a new export route as Moscow looks to find new customers and skirt Western sanctions.
DealsEnergy
Russian oil producers send CPC Blend to UAE, open new export route
20 September 2023, 3:53 pm 1 minute
Market Impact
Moscow has found new markets for its oil despite sanctions imposed by G7 countries since the start of the war in Ukraine, which Moscow calls a special military operation. The world’s third largest oil exporter, Russia has rerouted most of its oil to China, India and Turkey over the past year, and has also sent cargoes to countries including Brazil, Sri Lanka and Pakistan. In August and September two Russian firms – oil major Lukoil and independent producer CenGeo – sold their oil to the UAE.
Article Tags
Topics of Interest: DealsEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe
Countries: Russia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
