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UAE Crude Flows to Europe to Rise: TotalEnergies President

OIL

UAE oil exports to Europe are expected to increase in the coming months to help replace Russian barrels according to, Thomas Waymel, president of trading & shipping at TotalEnergies.

  • Shipments from Abu Dhabi National Oil Co to Europe could triple to more than 300,000 bpd in July, from an average of about 100,000 bpd in Q1 2023 he said.
  • "Producers from the Middle East have restrained their supply and also maybe their crude pricing policy has added some impact on the export to Europe," he said. "The official oil prices to Europe have not been particularly attractive, pushing European refiners to look at alternatives." he added.
  • "With competition of US exports, it might be key for Middle East producers to find ways to have attractive pricing mechanism to eventually regain market share when they raise production again," Waymel said.
  • "In the case of Europe and diesel, the Middle East managed to step up its deliveries, filling part of the gap left by Russia, with Asia and the US helping to fill the remaining gap," he added.
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