Morocco is the second-largest African country to buy Russian oil in August 2023, according to Refinitiv Eikon, a provider of information and analysis for the financial markets.
In Africa, Ghana came in first with (75,000 metric tons), followed by Morocco (68,000 metric tons) Togo (60,000 metric tons).
Turkey topped the list of Russian oil exporting nations (720,000 metric tons), which accounted for 42% of Russian oil exports, followed by Brazil (140,000 metric tons).
Russian diesel shipments by sea increased by 7% from the first two weeks of July 2023 to over 1.7 million metric tons from August 1 to 14.
Overall, Russian oil exports to African nations climbed by 14% compared to the previous year. 30% of Russia’s gas shipments were sent to Morocco, Algeria, and Tunisia in March 2023, according to Sputnik.
Turkey made the greatest purchase at 33%, followed by Morocco at 12% of shipments overall, Tunisia at 10%, and Algeria at 8%.
Russian income increased by $1 billion in March 2023 to $12.7 billion, but it was still 43% less than the previous year.
Morocco did not restrict its supplies of petroleum products from Russia when the European Union imposed sanctions on Russia on February 5. Instead, it imported coal from Russia to keep electricity costs in check.
Morocco has emerged as a substitute market for these goods as the country imports Russian petroleum, particularly gasoline.
Russian gas’ low-cost benefits Morocco’s fuel distribution firms, although all companies’ gas station prices presently average approximately 12 dirhams per liter.
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