“India and Saudi Arabia became the largest buyers of Russian fuel oil and gas oil in October In October, India and Saudi Arabia became the main importers of Russian fuel oil and gas oil. Total exports amounted to 4.15 million tons, while shipments to India increased by 56% and to Saudi Arabia decreased by 9%.”, — write on: unn.ua
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Total exports of fuel oil and VGO from Russian ports last month fell 3% from September to about 4.15 million tonnes, according to a Reuters estimate based on LSEG data.
Since the beginning of the full embargo of the European Union on Russian oil products in February 2023, Asia has become the main sales market for Russian supplies of fuel oil and VGO.
Direct shipments of fuel oil and VGO from Russian ports to Saudi Arabia in October fell 9% from the previous month to 0.65 million tons, due to lower demand after the end of the summer heat.
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Exports of fuel oil and VGO from Russia to India rose 56% to 0.51 million tonnes, while supplies of dark oil products to China fell 35% to 0.47 million tonnes. China and India use straight-run fuel oil and VGO as a cheaper alternative to Urals oil for their refineries.
At the same time, China is planning a tax reform that could raise the cost of importing fuel oil, potentially reducing demand. This will put additional pressure on independent Chinese refineries, which typically use fuel oil as an alternative feedstock for refining.
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