EMEA News
Flow of Discounted Russian Fuel oil to Saudi Arabia Hits Monthly High: Report
Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to Reuters.
Saudi Arabia imported a record 910,000 metric tonnes (mt) of fuel oil from Russia in June, data from analytics firm Kpler showed.
The kingdom has ramped up fuel oil imports from Russia this year following the European Union's ban on Russian products.
Saudi's Russian fuel oil imports hit 2.86 million mt for the first half of 2023, exceeding the 1.63 million mt for all of 2022, the data showed.
Saudi Arabia's energy ministry and State oil giant Saudi Aramco declined to comment when contacted by the news agency, the report said.
