Russian oil "floods" into Africa, revealing two main reasons

Now, instead of flowing to Europe, Russian oil is pouring into Africa's largest economies.

Crude oil tanker RN Polaris and an aircraft carrier leave Nakhodka Bay near the port city of Nakhodka, Russia. (Source: Reuters)

Recent European sanctions are the cause of the diversion of Russian oil flows.

While exports of Russian oil products to European countries such as France and Belgium have declined in recent months, shipments to African countries, especially North African countries, are witnessing a "skyrocketing" growth.

According to statistics in March 2023, Moscow exported 420,000 barrels of oil products per day to Africa, a 14-fold increase compared to the time before the conflict in Ukraine.

By June 2023, Russia's oil sales to Africa had dropped to 250,000 barrels per day, but this was still a very high figure.

One of the main reasons for the increase in Moscow's oil sales to the continent was a decrease in fuel supplies from the Netherlands, as the authorities there tightened requirements for sulfur, benzene and manganese content in exported gasoline.

Besides, the stability of oil supplies from Russia to African countries is ensured by the growing population in this region, while they lack enterprises processing energy resources.

Source: https://baoquocte.vn/dau-nga-ao-at-chay-sang-chau-phi-lo-hai-nguyen-nhan-chinh-234309.html