In July, Saudi Arabia purchased 1.1 million tons of fuel oil and vacuum gasoil from Russian ports. This volume accounts for almost 46% of all maritime exports of these petroleum products from the rf.
This was reported by Economichna Pravda citing Reuters, according to the portal PromPolitInform.
The kingdom uses cheaper Russian feedstock for power generation during the summer heat. This strategic decision allows the country to direct its own more expensive crude oil to foreign markets.
Changes in the geography of Russian exports
Following the EU embargo in February 2023, fuel flows shifted to Asia and the Middle East. In particular, in July, shipments to Singapore and Malaysia increased 2.5 times, reaching 470,000 tons.
At the same time, Turkey reduced purchases of Russian fuel oil by 21%, to 150,000 tons. Shipments to India stopped completely in July, despite imports of 150,000 tons in June.
Impact of attacks on Russian infrastructure
Total maritime exports of petroleum products from the rf decreased by 12%, to 2.4 million tons. The decline was a consequence of Ukrainian drone strikes on Russian oil refineries, which led to production constraints.
Tankers carrying 230,000 tons of heavy petroleum products are currently located near the Suez Canal. The final destination of this cargo remains unknown.
Illustrative photo: Frank Schulenburg / CC BY-SA 4.0
