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June fuel imports for Saudi Arabia grew 60% to 307,000 barrels per day in response to high air conditioning demand. This is an annual trend that occurs because of the heat which sees the fuel production nearly double each time. Instead of importing from Russia as usual, Saudi Arabia turned to the UAE, Egypt, Estonia, and other countries as their oil source because of the ongoing conflict with Ukraine. We are seeing a shift in the oil markets where countries are opting to get their oil elsewhere, due to the sanctions and difficulties involved with the Russia-Ukraine conflict.

Saudi Arabia’s June fuel oil imports increase 60% annually as supply rises

June fuel imports for Saudi Arabia grew 60% to 307,000 barrels per day in response to high air conditioning demand. This is an annual trend that occurs because of the heat which sees the fuel production nearly double each time. Instead of importing from Russia as usual, Saudi Arabia turned to the UAE, Egypt, Estonia, and other countries as their oil source because of the ongoing conflict with Ukraine. We are seeing a shift in the oil markets where countries are opting to get their oil elsewhere, due to the sanctions and difficulties involved with the Russia-Ukraine conflict.

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