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Russian Fuel Oil Imports into Saudi Surge in May

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Middle East fuel oil imports surged in May according to Vortexa, supported by rising Saudi imports of Russian fuel oil ahead of higher power demand.

  • The predominantly high-sulphur fuel oil (HSFO) cargoes from Russia mostly end up at Saudi oil-fired power plants Energy Aspects previously has said.
  • Saudi began pulling in record volumes of Russian crude last summer as Russia’s options for outlets have been limited since the invasion of Ukraine.
  • There may also be a link to Saudi crude production cuts from OPEC+ commitments, prioritizing crude for exports and instead turning to fuel oil for power generation.
  • OPEC+ is widely expected to announce a rollover in its voluntary cuts prior to or at this Sunday’s OPEC+ meet – efforts which are being led by Saudi.


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Middle East fuel oil imports surged in May according to Vortexa, supported by rising Saudi imports of Russian fuel oil ahead of higher power demand.

  • The predominantly high-sulphur fuel oil (HSFO) cargoes from Russia mostly end up at Saudi oil-fired power plants Energy Aspects previously has said.
  • Saudi began pulling in record volumes of Russian crude last summer as Russia’s options for outlets have been limited since the invasion of Ukraine.
  • There may also be a link to Saudi crude production cuts from OPEC+ commitments, prioritizing crude for exports and instead turning to fuel oil for power generation.
  • OPEC+ is widely expected to announce a rollover in its voluntary cuts prior to or at this Sunday’s OPEC+ meet – efforts which are being led by Saudi.


Keep reading...Show less