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Oil Prices Could Be Set For Another Sharp Rise

Oil Prices Could Be Set For Another Sharp Rise

Bullish and bearish catalysts are…

Egyptian Port Serves As New Route For Russian Oil

With western sanctions looming and many nations shunning it, Russia appears to have discovered a new gateway for its crude, with Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast. 

The first shipment took place on July 24, with 700,000 barrels of oil offloaded before another vessel collected a consignment from the port just a few hours later. According to vessel-tracking data by Bloomberg, there are speculations that the consignments may have included some or all of Russian crude and/or oil products.

Experts say the highly unusual move makes the cargo’s ultimate destination much harder to track, adding to a trend whereby Russian oil shipments are becoming increasingly obscured since European and western buyers began to shun them following the nation’s invasion of Ukraine.

El Hamra has six storage tanks with a 1.5-million-barrel capacity, along with a single-buoy mooring facility for loading and unloading. The oil terminal was built to handle crude produced in Egypt’s western desert, which makes it possible to blend the Russian barrels with local oil

Whereas Egypt is already being used by Russia as a transit route for fuel oil, it remains unclear if El Hamra was a one-off, or will feature more prominently in Russian oil flows. Previously, tankers carrying Russian crude have conducted ship-to-ship cargo transfers mid-Atlantic or off the Spanish north African city of Ceuta. That’s also another unusual location for such a tricky maneuver that’s normally executed in sheltered, calmer near-shore locations.

Bloomberg has also reported that another crude cargo transfer appears to have been conducted in Johor, near Singapore, in June. Johor is a newly emerging hotspot for trans-shipping cargoes of Iranian crude bound for China. Russia has been scrambling to identify and test different routes and ways to deliver its energy products to buyers--with China and India being key among them.

By Alex Kimani for Oilprice.com

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  • Mamdouh Salameh on August 03 2022 said:
    Why not? With the harshest sanctions ever imposed on a country in the world, Russia has every right to find ways of evading the sanctions in whatever ways possible exactly as Iran and Venezuela have been successfully doing with the help of friendly nations including China, Russia, India and Turkey.

    Egypt like India has very historic relations with Russia and it depends on Russia for all its wheat imports and also military equipment. So it isn't unusual for Russia to use Egypt’s El Hamra oil terminal on the Mediterranean to facilitate exports of its crude oil and petroleum products.

    After all, Saudi purchases of Russian fuel oil are shipped from Egypt’s Al Sokhna oil terminal on the Red Sea where Saudi Aramco has huge storage facilities to the Saudi ports on the Red Sea.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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