Russia has increased fuel oil shipments to Saudi Arabia amid the war in Iran — Reuters
In March, seaborne shipments of Russian fuel oil and vacuum gas oil to Saudi Arabia rose by 18% compared with February, reaching about 1 million tons.
This was reported by Reuters.
The increase in exports is linked to rising oil prices due to the war in Iran, which has led to a redistribution of global energy flows.
Saudi Arabia is actively purchasing Russian fuel at a discount for use in power plants. This allows the country to conserve its own oil for more profitable exports. Although demand for fuel oil in the kingdom typically rises in the summer, this year it increased as early as spring due to the tense situation in the Middle East.
Following the introduction of the European embargo on Russian petroleum products in 2023, countries in Asia and the Middle East became the primary markets for Russian fuel.
At the same time, shipments to Singapore and Malaysia fell by 23%, while exports to India plummeted by 66%—to record lows.
Overall, seaborne exports of fuel oil and vacuum gasoil from Russia decreased by 10% in March, totaling 3.35 million tons. One of the reasons was disruptions in shipments due to drone attacks on port infrastructure.
Additionally, global oil prices stabilizedfollowing Trump’s statements about a ceasefire — Reuters.
Energy prices do not reflect the full extent of the supply reduction, analysts note.
