Today, trade sources reported that a shipping unit of the French company TotalEnergies temporarily chartered a tanker to load Abu Dhabi crude for Europe in early May, marking a rare step. The sources added that the arbitrage of Middle Eastern crude to Europe began after European buyers avoided Russian oil following Moscow’s invasion of Ukraine. Total announced last month that it would not renew contracts for the supply of Russian gas and crude oil for the Leuna refinery in Germany and intends to replace these with imports from Saudi Arabia and Poland. The Leuna refinery has a production capacity of 240,000 barrels per day and is supplied with Russian oil via the Druzhba pipeline. Total clarified that the termination of its long-term contractual supplies means its last shipments of oil products from Russia will occur by the end of this year.
In a Rare Move, "Total" Ships Abu Dhabi Crude to Europe
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