Saudi Arabia is importing fuel oil at the highest rate in more than a year as it seeks to capitalize on discounted Russian volumes. An informed source tells MEES that Saudi Aramco’s trading arm has signed a contract with the Litasco trading arm of Russia’s Lukoil which will see it take regular delivery of cargoes of Russian high-sulfur fuel oil (HSFO) out to the end of 2022.

The kingdom imported 251,000 b/d of fuel oil in June according to trade flows from data intelligence firm Kpler, which was the highest figure since April 2021’s 277,000 b/d. (CONTINUED - 770 WORDS)