Saudi Arabia Boosts Fuel Oil Imports from Russia Amid Price Surge
Russia’s seaborne exports of fuel oil and vacuum gasoil to Saudi Arabia jumped 18% in March compared to February, reaching one million metric tons, according to traders and market data. The kingdom has increased purchases of Russian fuel oil to power its electricity sector. This lets Saudi Arabia conserve crude oil for export rather than burn it domestically. The typical seasonal rise ahead of summer was amplified by a tight crude market, a sharp rally in oil prices due to regional conflicts, and a temporary U.S. sanctions waiver. Since the EU embargo on Russian oil products in February 2023, Middle Eastern and Asian buyers have become the main outlets for these exports. Source: Reuters
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