Per Reuters
Saudi Arabia to import over double the tonnes of Russian fuel year-over-year
3/28/2023
Saudi Arabia is reportedly importing hundreds of thousands of tonnes of Russian fuel oil as it tries to meet summer cooling demands. To be specific, The country will be increasing its imports from just 320,000 tonnes from April to June 2022 to 647,000 tonnes, per data by Refinitiv Eikon ship tracking.
Reuters was able to put the pieces together and found that Saudi Arabia is more than doubling its Russian oil imports as it not only tries to meet demands but also wants to "free up the kingdom's own crude for export."
In 2021, Saudi Arabia reportedly imported 1.05 million tonnes of Russian oil. Vortexa, an energy analytics firm, gave a statement on the demand for oil that pushed Saudi Arabia to increase imports.
"Seasonal demand for power generation feedstocks pushed fuel oil imports into Saudi Arabia to 320,000 barrels per day in June, the highest since November 2020,"
Saudi Arabia reportedly uses its Fujairah hub in the UAE to import Russian oil. Ship tracking data reveals that the hub received 1.17 million tonnes of Russian oil this year alone.
In July alone, shiptracking data expects Fujairah to receive another 0.9 million tonnes.
Earlier this year, Saudi Arabia announced that it is open to discussions regarding trading in currencies aside from the US dollar. During that time, the country's finance minister, Al-Jadaan, said that they don't have an issue with regards to how they settle their trade agreements, whether in US dollar, euro, or Saudi riyal.
During this time, they noted that they are providing both oil and derivatives to help supply the energy needs of most of its buyers. They also discussed with the World Bank and other institutions their desire to provide support for Pakistan in a more creative way.
In October 2022, the country actually lowered its prices for Europe while raising prices for the US. Its prices for Asia reportedly remained largely unchanged.
See flow at unusualwhales.com/flow.
Other News:
- Saudi Arabia is open to discussions about trade in currencies other than the US dollar
- Saudi Arabia has lowered oil prices for Europe but raised them for the US
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