Reuters catches on to Egypt’s booming Russian oil intermediary play

Egypt’s role in the Russian oil products trade has caught the attention of the foreign press. Reuters reported that “nearly 140k tons of Russian fuel oil and vacuum gasoil loaded at Russian ports last month were destined for transfers near Port Said in Egypt, with the final destination ⁠unclear.”

BACKGROUND- Egypt’s Russian crude imports jumped 217% in April to 707k bbl / d from 223k bbl / d recorded in March. Meanwhile, product imports nearly doubled to 499k bbl / d, making up almost a quarter of Russia’s April seaborne product exports. Analysts told us in May that the surge reflected more than just Egypt’s need to replace disrupted supplies from the Gulf — it also showed the country positioning itself as a regional storage, blending, and redistribution hub for displaced cargoes. We were already one of the top destinations for Russian imports in 2024 and 2025.