Saudi Arabia is a Russian fuel oil top buyer in June, data shows

Saudi Arabia is the main destination of Russian Sea Fuel Export and Gasoil Vacuum (VGO) in June because summer summer requires more energy consumption, according to traders and LSEG data.

Because the full embargo of the European Union about Russian oil products came into force in February 2023, Middle Eastern and Asian countries became the main destination for the supply of fuel and Russian VGO supply.

Delivery of fuel oil and VGO directly from the port of Russia to Saudi Arabia increased in June by 9% month to month to 0.8 million metric tons.

Loading of Russian dark oil products to India and Türkiye decreased last month after a sufficient inventory was 49% to around 0.34 million tons and each of 33% to 0.28 million tons, shipping data showed.

Nearly 400,000 tons of fuel oil and VGO supplied in June from the Russian port to Ain Sukhna Terminal in Egypt – a large fuel center, which often allocates oil products for further storage and export.

Singapore, Senegal and China are also one of the top destinations for the supply of Russian oil fuel and the supply of VGO exports last month, according to LSEG data.

Only two ships carry 180,000 tons of fuel oil from the Russian port that headed to Asia through the Cape of Good Hope African.

Traders have shifted the cargo of Russian oil products around Africa since December 2023 to avoid the Red Sea because of the high risk of an attack by the Houthi group which is in harmony with Iran Yemen.

All shipping data above are based on the date of cargo departure.
Source: Reuters