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India and Egypt Top Destinations for Russian VGO in April

OIL PRODUCTS

Russian VGO seaborne exports slipped 10% in April m/m to about 3.32 million tons according to LSEG due to idled capacity for maintenance and technical outages due to drone attacks.

  • India and Egypt were the top destinations.
  • In April 2024, direct fuel oil and VGO shipments from Russia to India increased to 0.6 million metric tons compared to 0.4 million tons in March.
  • Chinese demand slipped on weaker runs at independent refineries coming in at 450,000 tons in April vs 660,000 tons in March.
  • Fuel oil supplies to Egypt increased in April to almost 0.5 million tons from 0.1 million tons in March – likely stocking ahead of the power generation season.
  • Russian VGO and fuel oil loadings to Fujairah increased in April to about 260,000 tons from 60,000 tons in March.
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