Amid the European Union’s ban on Russian products, Saudi Arabia has increased fuel oil imports from Russia. The kingdom’s imports reached 2.86 million metric tons in the first half of 2023, surpassing the total imports of 1.63 million metric tons for the entire 2022. The majority of the high-sulfur fuel oil cargoes end up in Saudi oil-fired power plants. The move comes as Saudi Arabia extends its output cut by an extra 1 million barrels per day in August, aligning with the OPEC+ agreement. The country is expected to boost fuel oil exports in July to capitalize on higher margins.
- Saudi Arabia imports record Russian fuel oil in June as trade grows