Russian oil products are heading to the crude-rich Persian Gulf as the UAE and Saudi Arabia take advantage of cheap barrels
Petro-rich nations in the Persian Gulf are buying discounted Russian oil products as Moscow continues to seek willing buyers while the West shuns the warring nation.
In addition, the two countries, particularly the UAE, have emerged as key trade and storage hubs for Russian oil and fuel. Trading firms import Russia energy to the UAE and re-export it to Pakistan, Sri Lanka or East Africa, the report said. Meanwhile, Saudi Arabia is importing 100,000 barrels a day from Russia after seeing effectively zero before Russia war on Ukraine, translating to an annual pace of about 36 million barrels.
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