Saudi imports of Russian refined products doubled to nearly 200,000 b/d in March, and there is no sign of volumes slowing down any time soon. Multiple cargoes have already been delivered in April according to data intelligence firm Kpler, and more are on the way, potentially taking volumes above last month’s record.
Barred from its traditional European markets, Russian oil has been discounted to find new markets, meaning that those willing to buy cargoes can make considerable margins. Saudi Arabia originally stepped up imports of Russian fuel oil last year to burn in its power plants, helping mitigate the impact of record oil-burn levels for 2022 (MEES, 24 February). (CONTINUED - 656 WORDS)