Saudi Arabia in June was the top purchaser of Russian seaborne fuel oil as summer temperatures spiked and energy consumption soared, according to data collected by the London Stock Exchange Group (LSEG).
Though Saudi Arabia is known for being a major oil producer, fuel oil is used for its power generation, which peaks during the hot summer months — prompting it to turn to cheaper fuel imports to account for the increase in demand.
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Despite international pressure to stop buying Russian oil amid its brutal war in Ukraine, Middle Eastern and Asian nations have largely avoided direct involvement in the geopolitical tussle and have continued to purchase Moscow’s chief commodity.
Saudi Arabia, despite its high export volume, has for years imported fuel oil from Russia to reduce the amount of crude oil it has to refine for fuel, which allows Riyadh to continue to export more crude oil at higher prices.
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Riyadh has frequently turned to Russia when it needs to supplement internal demand for oil-based needs, and has continued to import more from Moscow than Washington, though this partnership could shift if President Donald Trump’s secondary 100% tariffs come into effect come September if Russian President Vladimir Putin does not enter into a peace agreement with Ukraine.
The other top importers of Russian oil last month were Senegal in West Africa, Singapore in Southeast Asia and China, which has remained a top importer of Russian oil since its 2022 invasion of Ukraine.
But the war in Ukraine isn’t the only international conflict affecting Russian oil exports after the European Union issued an embargo in 2023.
Houthi attacks by the Iran-backed terrorist group in the Red Sea have prompted changes in shipping since 2023 by forcing some cargo shipping to be diverted around Africa rather than pass through the major merchant thruway amid the heightened risk.
Though the impacts of the Houthi attack on Russian oil exports have largely affected shipping costs and delivery delays rather than export volumes.
Reuters contributed to this report.
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