The United Arab Emirates, an alternative to Russian oil for France?

General view of Abu Dhabi, United Arab Emirates, January 3, 2019. REUTERS/ Hamad I Mohammed

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The war is raging in Ukraine, and in retaliation the Europeans have decided to do without most of their Russian oil imports by the end of 2022. The challenge is to find alternative suppliers.

French Economy Minister Bruno Le Maire spoke of "

" with the United Arab Emirates.

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Since the European Commission declared at the beginning of May that it wanted

within six months, the United Arab Emirates have reappeared on the map of European suppliers of crude oil.

Abu Dhabi can be “

 ” said French Economy Minister Bruno Le Maire.

According to the Bloomberg agency, at least six million barrels of Emirati oil will head for Europe in July.

It's the first time in two years.

Usually, Emirati crude takes the Asian route.

But between the re-containments of recent months and the recent influx of cheap Russian oil, the region has been less thirsty for oil from Abu Dhabi.

Abu Dhabi cannot replace Russian oil on its own

The Europeans are therefore exploiting this window of opportunity even if it comes at a price of gold.

Its barrel for July delivery traded for $109.69.

With the increase,

, decided by the exporting countries (including Russia) on Thursday June 2, new cargoes could head for Europe.

But as the Emirati Minister of Energy has acknowledged, his country alone cannot replace Russia and its one million fewer barrels.

►Also read: Faced with the embargo on Russian oil, new alternative routes are emerging

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• United Arab Emirates