Russia seeks new fuel markets in Africa, Middle East as Europe turns away - 23 iunie 2022

Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said.

The development is likely to increase competition for Asian customers between Russia and other big fuel exporters – Saudi Arabia and the United States – which are the top three suppliers to Asia.

The European Union has slowly reduced imports of Russian crude and fuel since March and agreed a full embargo that will take effect by end-2022.

The change in Russia's export markets has resulted in an unprecedented disparity in Russia's domestic market. Summer grade diesel is currently traded at prices 30-40% higher than gasoline, based on Reuters data. Gasoline is normally at a premium to diesel.

https://finance.yahoo.com/news/russia-seeks-fuel-markets-africa-010834029.html