Saudi Arabia was top buyer of Russian fuel oil in June, data shows

Saudi Arabia becomes top buyer of Russian fuel oil despite looming Trump tariffs on Moscow

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. CHINA’S OIL TIE…

Saudi Arabia was top buyer of Russian fuel oil in June, data shows

Saudi Arabia was the top destination for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in June as the hot summer season required more energy consumption, according to traders and LSEG data.

Financial News Network - Saudi Arabia becomes top buyer of Russian fuel oil despite looming Trump tariffs on Moscow

Rising summer temperatures drove Saudi Arabia to become Russia's largest seaborne fuel oil customer in June, allowing the kingdom to export more of its crude oil at higher prices.Read More …