Saudi Arabia imports record Russian fuel oil in June as trade grows

SINGAPORE, July 13 (Reuters) – Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data.

For Russia, its growing oil trade with the world’s biggest exporter enables it to keep output flowing to global buyers despite Western sanctions that have shut its access to key markets including Europe.

View entirety: Reuters