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Saudi Increases Russian Fuel Oil Imports

OIL

Saudi Arabia more than doubled the amount of Russian fuel oil imported in 2H22.

  • The imports are used for power generation to meet summer cooling demand and free up the domestic crude for export.
  • Ship tracking data from Reuters showed Saudi Arabia imported 647k tonnes of fuel oil from Russia in April-June this year up from 320k tonnes in the same period last year.
  • Saudi often uses oil for power generation due to lack of infrastructure for natural gas although gas use is increasing.
  • Crude consumption is about 600kbpd in summer months and 300k bpd in winter months according to Jodi data.
Energy BulletsCommodities
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