Saudi oil exports to Europe reach their highest level

Saudi oil exports to Europe rose steadily in 2022, hitting a two-year high of 777,000 barrels per day in August, according to analysis by Kpler and S&P Global vessel tracing.

The analysis showed that the average flow of oil reached 600,000 barrels per day in 2022, the highest level since 2019, indicating that Saudi crude oil usually entered Europe via two routes. The first is directly on the tanker from the main export terminals of the Kingdom in Ras Tanura and Yanbu, and the second is from Sidi Kerir in Egypt via the SUMED pipeline.

According to the analysis, the Netherlands, Poland, Spain, France and Italy were among the top five destinations for Saudi oil in Europe this year, and they are all regular buyers of Russian oil. Croatia, Germany, Greece, Lithuania, Turkey and the UK also bought Saudi oil this year.

While the European market still accounts for only about a tenth of Saudi oil supply, it is likely to become a larger market in 2023 for the Kingdom, whose Energy Minister Prince Abdulaziz bin Salman has indicated that the world’s largest exporter of crude oil is seeking supplies. to Europe. More of its products, and “we cooperate with many governments, such as Germany, Poland, Czech Republic, Croatia, Romania, etc.”

Source: spglobal