According to journalists, Tunisia and Morocco significantly increased the volume of purchases of Russian oil products, which did not meet their needs.
Imports of Russian energy resources increased in Tunisia, Morocco, Algeria and Egypt after the European Union imposed sanctions on oil and petroleum products from the Russian Federation. The Wall Street Journal writes about it.
The publication notes that this month EU restrictions on the import of petroleum products from the Russian Federation entered into force. Sanctions on Russian crude oil also went into effect last December.
Meanwhile, in January 2023, Morocco’s Russian diesel imports rose from 600,000 to 2 million barrels. Tunisia, which received almost no petroleum products from the Russian Federation until a few years ago, bought 2.8 million barrels of Russian petroleum products. These include diesel, kerosene, gasoline and petroleum, which are commonly used in the manufacture of chemicals and plastics.
Russian goods can enter the EU
It is noted that the increase in the imports of Tunisia and Morocco was accompanied by the increase in their exports of petroleum products. Thus, Russian petroleum products can be mixed with other goods and re-exported, making it difficult for the West to turn away from Russian fuel.
“Even if you want to arrange, how would you do it? How would you rate the cargo if 51% came from Morocco and 49% from Russia?” – journalists quote Andreas Economou, head of petroleum research at the Oxford Institute for Energy Research.
The shipments lasted until February 5, when there was no law against the re-export of Russian petroleum products. Analysts fear that if this trend continues, it could undermine the West’s goal of depriving the Russian Federation of revenue to wage war in Ukraine.
Victor Katona, senior oil analyst at Kpler, pointed out that the volumes North African countries import are too large for them to fully utilize on their own. According to him, part of Russian oil production will end in Europe.
“Believe me, we are not seeing a renaissance in the Maghreb refinery,” Cato said of the North African region’s oil purchases.
Recall that on January 21, it was learned that a ship capable of carrying 22.5 thousand tons of smuggled oil from Russia was detained in Durresi, Albania.
Oil exports from Russia to China last month hit 1.66 million barrels per day, the highest level since April 2020, Bloomberg reported on Feb.
Source: Focus
John Holton is a seasoned author and journalist, known for his expertise in economics. He currently works as a writer at 24 news breaker, where he provides readers with in-depth analysis and commentary on the latest economic developments. With a background in finance and a talent for explaining complex economic concepts in a clear and accessible way, John’s writing is a must-read for anyone interested in staying informed about the economy.