Oil Market Strains Emerge as Europe, Asia Battle for Barrels
- European buyers snap up most UAE crude since at least 2016
- Brent’s premium to Dubai expands to widest since late March
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Europe intensified its competition for oil with Asia following the purchase of the most crude from the United Arab Emirates in at least six years, as buyers seek to replace Russian barrels and meet soaring fuel demand.
At least 6 million barrels of oil loading in July are set to flow toward Europe, according to traders, which shipping analytics company Vortexa Ltd. estimates may be the highest volume since at least 2016. It’s rare for cargoes from the UAE to be delivered to the region, with the trade restarting this month for the first time since the pandemic upended markets two years ago.