Russian oil exports to Europe are being replaced by crude from the Middle East as Moscow shifts supplies to Asia

Russian oil exports to Europe are being replaced by crude from the Middle East as Moscow shifts supplies to Asia

Middle Eastern countries are helping Europe ween off of Russian crude, according to data compiled by Bloomberg.

Europe has imported more than 1 million barrels per day via the SuMed pipeline in the first three weeks of July.

In addition, ships carrying another 1.2 million barrels a day from the Persian Gulf have gone through the Suez Canal to Europe.

Saudi Arabia and Iraq are helping Europe wean off of Russian crude, which is increasingly headed to Asia, as Vladimir Putin's war on Ukraine reshuffles the global energy market.

Europe has imported more than 1 million barrels per day via the SuMed pipeline in the first three weeks of July, nearly double from a year ago, according to shipping data compiled by Bloomberg. The volumes in the pipeline, which transits through Egypt, are mostly Saudi oil but also include Iraqi crude.

In addition, ships carrying another 1.2 million barrels a day from the Persian Gulf, mostly from Iraq, have gone through the Suez Canal to Europe during the first three weeks of July, Bloomberg reported.

That means oil deliveries via pipeline and ship from the Middle East to Europe total 2.2 million barrels a day, up nearly 90% since January.

Meanwhile, Russia is shipping its crude to