In August and September, Russian oil producers began supplying CPC Blend crude to the United Arab Emirates (UAE). This marks a new export route for Russia which circumvents Western sanctions, since the UAE has not imposed sanctions on Russia following the conflict in Ukraine. During this period, both Lukoil and CenGeo sold CPC Blend to the UAE, with some Russian crude added to the CPC pipeline. The UAE occasionally imports different grades to optimize refinery costs, and the CPC Blend oil delivered to the UAE in September is expected to be more cost-effective than the UAE’s Murban oil.
- Russia Opens New CPC Blend Export Route with the UAE