Middle Eastern exports of middle distillates to Europe surged to multi-year highs for Q1, despite overall exports remaining flat. Europe emerged as the Middle East’s largest distillate market as a result, with buyers on the continent turning to the Gulf to find replacements for Russian barrels.
Exports to Europe, including via Egypt’s Sidi Kerir storage hub, jumped by nearly 100,000 b/d to 772,000 b/d for Q1 according to data intelligence firm Kpler. This was the highest figure in Kpler data going back to 2017 and accounted for 46% of total Gulf middle distillate exports of 1.69mn b/d. (CONTINUED - 927 WORDS)
