Asia, a key market for Russian fuel oil, led by China and Saudi Arabia
Russia increases fuel oil and VGO exports to Asia. China and Saudi Arabia stand out as the main importers, according to LSEG data.
| Countries | Émirats Arabes Unis, Chine, Inde, Corée du Sud, Russie, Arabie Saoudite, Turquie |
|---|---|
| Companies | LSEG |
| Sector | Pétrole |
| Theme | Marchés & Finance, Analyse sectorielle |
In July, Russian seaborne exports of heating oil and vacuum gas oil (VGO) to Asia reached 4.05 million tonnes, up 7% on the previous month.
This increase is due to the resumption of operations following seasonal maintenance at Russian refineries.
Since the EU embargo in February 2023, Russia has been directing its exports towards increasingly receptive Asian markets, with a particular focus on China and Saudi Arabia. China, the leading importer, saw its purchases of Russian fuel oil and VGO increase by 18% in July, reaching 0.7 million tonnes.
This fuel oil is mainly used in the refining process, often in combination with Urals crude oil, enabling Beijing to optimize its production capacities.
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