Saudi Arabia buys more Russian fuel oil to save its crude for export

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.

Russian exports to Singapore and Malaysia - major bunkering and storage hubs - fell 23 per cent in March from the month before to about one million tonnes, LSEG data showed.

Exports to India, once among Russia's largest fuel oil markets, plunged 66 per cent month on month to just 37,000 tonnes, shipping data showed. Supplies of so-called dirty oil products to India have fallen to near zero since November, after the US imposed sanctions on Russian oil majors Rosneft and Lukoil.