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Market Chatter: Saudi Arabia Remains Top Destination for Russian Fuel Oil, VGO Exports in July

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Saudi Arabia remained the top destination for Russian seaborne fuel oil and vacuum gasoil exports in July, despite shipments falling 18% from the previous month, according to a Reuters report, citing data from traders and LSEG.

Shipments from Russian ports to Saudi Arabia totaled 1.1 million metric tons during the month, supported by strong summer demand for air conditioning.

Since the European Union's full embargo on Russian oil products took effect in February 2023, the Middle East and Asia have emerged as the main destinations for Russian fuel oil and VGO.

Russian fuel exports to Singapore and Malaysia, major bunkering and storage hubs, jumped 2.5 times from June to about 470,000 tons in July. India did not receive any Russian shipments during the month after taking 150,000 tons in June.

The Saudi Ministry of Energy did not immediately respond to' request for a comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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