The oil of Iraq and Saudi Arabia reached Europeans

According to the International Economic Group of Fars News Agency, citing Bloomberg, statistics show that Iraq and Saudi Arabia are exporting more and more oil to Europe and are helping European refineries to fill the vacuum of Russian oil.

In the first three weeks of July, Iraq and Saudi Arabia have exported a total of more than one million barrels of oil per day to European countries through the pipeline passing through Egypt. This figure is almost twice the exports of Iraq and Saudi Arabia to Europe last year.

Russia’s military conflict with Ukraine has caused the reaction of European countries and some of them have decided to stop their interactions with Moscow.

The imposition of European sanctions against Russia, which some have referred to as self-sanctions, has raised the question of how Europeans are going to find alternatives for basic goods imported from Russia, including oil.

Saudi Arabia has a larger share of oil exports to Europe through pipelines, but in this way, Iraq is also increasing its oil sales to Europeans through sea routes.

Saudi Arabia sends its oil through the pipeline and Iraq sends most of its oil shipments to Europe by ship and through the Suez Canal.

It is said that another 1.2 million barrels of oil from the Middle East are also being shipped to Europe through the Strait of Hormuz. With this account, Europe is currently importing 2.2 million barrels of oil from Iraq and Saudi Arabia.

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