UAE shipping rare oil cargoes to Europe as buyers boycott Ukraine imports

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The United Arab Emirates has begun shipping rare oil cargoes to Europe, where crude buyers are snubbing imports from Russia in the wake of the nation's invasion of Ukraine.

According to tanker tracking and port agent data compiled by Bloomberg, the Moscow Spirit, hired by TotalEnergies SA shipping arm, is sailing toward Rotterdam, Netherlands with a cargo of about 1 million barrels of Emirati crude on board. The same company has UAE oil on a supertanker that is headed for Egypt. It is possible that the consignment will end up in Europe as well.

The last UAE cargo to Europe was delivered in May 2020 when Covid 19 was upending oil markets, according to the tracking data. The delivery to Egypt will likely go into a pipeline that crosses the North African country, allowing for collection at the Mediterranean port of Sidi Kerir.

Prior to the invasion, Russia was Europe's largest external supplier of crude, but many of the cargoes that were once delivered to the continent are now being transported to Asia.

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