According to WPB, Saudi Arabia emerged as the foremost destination for Russian seaborne exports of fuel oil and vacuum gasoil (VGO) in June, driven by heightened electricity consumption during the region’s intense summer heat. This shift in energy trade patterns has been highlighted by data from LSEG and accounts provided by market traders.
Following the European Union’s complete ban on Russian refined oil products in February 2023, Russia significantly redirected its export focus toward Middle Eastern and Asian countries. As a result, direct shipments from Russian ports to Saudi Arabia rose by 9% in June compared to the previous month, reaching approximately 800,000 metric tons.
Meanwhile, exports to some of Russia’s other major fuel oil customers experienced notable reductions. India received around 340,000 tons, a sharp 49% drop from earlier figures, while Turkey’s intake declined by 33% to nearly 280,000 tons, according to shipping data.
Egypt’s Ain Sukhna terminal, a critical node in the fuel oil distribution network, handled close to 400,000 tons of Russian fuel oil and VGO last month. The terminal often serves as a storage and re-export point for energy shipments across the region.
In addition to Saudi Arabia and Egypt, countries such as Singapore, Senegal, and China also ranked among the primary importers of Russian dark oil products during this period, indicating a broader regional reliance on these supplies.
Only two vessels, transporting a combined total of 180,000 tons, are currently en route to Asia via the Cape of Good Hope. Since December 2023, this longer shipping route has been increasingly preferred over the Red Sea due to heightened security threats posed by Yemen’s Iran-backed Houthi group.
These developments reflect an ongoing realignment of global fuel oil flows, shaped by sanctions, shifting alliances, and seasonal energy demands, factors that continue to redefine the landscape of international energy trade.
By Bitumenmag
Oil, Crude, Petroleum
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