Last month, the United Arab Emirates delivered oil to Europe for the first time in several years. Previously, European buyers were satisfied with Russian supplies. However, due to the current situation, they have had to look for alternative sources of supply.
The UAE offered a solution to the problem of oil shortages. At the end of May, the tanker Moscow Spirit, hired by the French company TotalEnergies SA, sailed to Rotterdam, Netherlands with a cargo of about 1 million barrels of Emirati crude on board. The same company also has UAE oil on a supertanker that is heading to Egypt. It is possible the consignment will end up in Europe as well. The United Arab Emirates has started shipping rare cargoes of oil to Europe, where crude buyers are snubbing imports from Russia in the wake of the invasion of Ukraine.
Notably, the last UAE cargoes to Europe were delivered in May 2020. Shipments were suspended due to the spread of COVID-19 and the subsequent collapse of the oil market. Earlier, Abu Dhabi National Oil Company announced three oil discoveries, including one at Bu Hasa, Abu Dhabi’s biggest onshore field. The discovery in Bu Hasa includes 500 million barrels of premium-grade oil.