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Russia Redirects Oil Product Exports To Africa

1. UAE to Launch Another Exchange-Traded Benchmark

- ADNOC, the national oil company of the UAE, is set to launch a new futures contract for its Upper Zakum grade in the second half of 2023, to be traded on the ICE Futures Abu Dhabi exchange just like its main export crude, Murban.

- Seeking to avoid dependence on the Oman and Dubai contracts, ADNOC wants to reflect the heavier and sourer quality of Upper Zakum, traditionally priced at a sizable discount to Murban.

- The medium sour crude feeding Upper Zakum is located in shallow waters offshore UAE and it is developed through a web of artificial islands and the barrels are piped to the export terminal in Zirku island.

- Whilst trading volumes of IFAD Murban pale in comparison to ICE Brent, they have nevertheless found their space, with daily trades averaging 8,277 contracts so far in 2023.

2. January Brings EV Sales Collapse as Government Incentives Fade

- Sales of electric vehicles (EV) have experienced one of their most drastic month-on-month declines on record in January, halting a consistent upward trajectory as government subsidies taper out.

- Rystad Energy data indicates 672,000 EVs being sold in January, half of December 2022 sales, seeing the share of electric vehicles in passenger car
sales tumble to a mere 14%.

- Many European countries saw government subsidies run out by the end of 2022 – in Germany sales dropped by a third to 27,000 units…

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