MOSCOW (Reuters) -Saudi Arabia was the top destination for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in June as the hot summer season required more energy consumption, according to
Saudi Arabia Emerges as Leading Buyer of Russian Fuel Oil in June
Saudi Arabia's Role in Russian Fuel Oil Exports
MOSCOW (Reuters) -Saudi Arabia was the top destination for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in June as the hot summer season required more energy consumption, according to traders and LSEG data.
Increase in Shipments to Saudi Arabia
Since the European Union's full embargo on Russian oil products went into effect in February 2023, Middle Eastern and Asian countries became the main destination for Russia's fuel oil and VGO supplies.
Direct fuel oil and VGO shipments from Russian ports to Saudi Arabia increased in June by 9% month-on-month to 0.8 million metric tons.
Russian dark oil products loadings to India and Turkey declined last month after previous ample supplies by 49% to around 0.34 million tons and by 33% to 0.28 million tons, respectively, shipping data showed.
Decline in Exports to Other Countries
Nearly 400,000 tons of fuel oil and VGO were supplied in June from the Russian ports to the Ain Sukhna terminal in Egypt - the big fuel hub, which often allocates oil products for storage and further exports.
Impact of the EU Oil Embargo
Singapore, Senegal and China were also among the other top destinations for Russian fuel oil and VGO export supplies last month, according to LSEG data.
Only two vessels carrying 180,000 tons of fuel oil from the Russian ports are heading to Asia via the African Cape of Good Hope.
Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group.
All the shipping data above are based on the date of cargo departure.
(Reporting by Reuters; Editing by Louise Heavens)
