Saudi Arabia Increases Import Of Russian Oil

 Saudi Arabia Increases Import Of Russian Oil (Photos)

🇷🇺 Russia's seaborne exports of fuel oil and vacuum gasoil to Saudi Arabia jumped 18% in March from February to 1 million metric ​tons as soaring oil prices driven by the Iran war reshaped flows, ‌data from traders and LSEG showed.

Saudi Arabia has emerged as a key export destination, stepping up purchases of Russian fuel oil to

supply its power sector, allowing ​the kingdom to preserve valuable crude that would otherwise be burned ​for electricity.

Fuel oil and VGO shipments from Russian ports to ⁠Saudi Arabia typically rise in summer as air-conditioning demand increases. March's surge ​was amplified by a tightening crude market and a sharp oil price rally ​as the Middle East conflict escalated, as well as a temporary waiver on U.S. sanctions on Russian oil products.

Since the European Union's full embargo on Russian oil products took effect ​in February 2023, Middle Eastern and Asian countries have become the main ​outlets for Russia's fuel oil and VGO.