According to traders and LSEG, Saudi Arabia was the number one destination for Russian fuel oil and vacuum gasoline (VGO) seaborne exports in June. The hot summer required increased energy consumption.

The Middle East and Asia became the primary destinations for Russian fuel oil and VGO after the European Union's complete embargo of Russian oil products came into effect on February 20, 2023.

The direct fuel oil and VGO exports from Russian ports to Saudi Arabia grew by 9% on a monthly basis in June, to 0.8 millions metric tons.

Shipping data shows that the Russian dark oil product loadings into India and Turkey decreased last month by around 49%, to approximately 0.34 million tonnes, and by 33%, to 0.28 millions tons, respectively.

In June, nearly 400,000 tons (of fuel oil and VGO) were delivered from Russian ports to Ain Sukhna Terminal in Egypt. This is the main fuel hub in Egypt that often distributes oil products in order to be stored and exported.

According to LSEG, data shows that Senegal, China, and Singapore were among the top three destinations for Russian fuel and VGO supplies in December.

Two vessels, each carrying 180,000 tonnes of fuel oil, are travelling to Asia from Russian ports via the Cape of Good Hope in Africa.

Since December 2023, traders have diverted Russian oil product cargoes to Africa to avoid the Red Sea because of a higher risk of attack by Yemen's Iran aligned Houthi Group.

All shipping data are based on date of departure.

(source: Reuters)