Saudi Pulling in Record Diesel Volumes from Russia

Saudi Arabia is maximising refining profits by importing record amounts of discounted Russian diesel and then shipping record volumes to Singapore according to Reuters.

• Saudi Arabia will import up to 500,000 tonnes (3.7 million barrels) or more of Russian diesel in May, with most of it arriving at Ras Tanura, where one of Saudi Aramco's refineries is located, according to trading sources, Kpler and Refinitiv.
• Diesel from Saudi Arabia arriving in Singapore is set to hit 400,000 tonnes - an unprecedented level, data from Refinitiv, Vortexa and two industry sources.
• Russian 10 ppm sulphur gasoil cargoes are traded at discounts of around $30 a barrel to free-on-board Middle East quotes, versus Asia's spot premiums for the same grade at 16 cents a barrel to Singapore quotes according to Refinitiv.
• Saudi's diesel exports in April hit an all-time high of around 3.7 million tonnes, Kpler data showed.