July 15, 2022 11:19 GMT
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.