Russia's seaborne fuel oil exports rise in April, data shows
MOSCOW - Russia's seaborne fuel oil and vacuum gasoil exports rose 8.5% in April from the previous month to around 4.0 million metric tons on rising production, trade and shipping data showed.
Russia's offline primary oil refining capacity totalled 2.91 million tons last month, down 21% from March, leading to increasing fuel supplies.
Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries became the main destination for Russia's fuel oil and VGO supplies.
Saudi Arabia more than doubled Russian fuel oil imports in April to 0.7 million tons ahead of summer demand on power generation, shipping data showed.
The country has turned to importing more discounted Russian fuel oil for summer burn since 2023 as prices for Russian barrels declined following the conflict in Ukraine.
China, India, Singapore and Malaysia were among the other top destinations for Russian fuel oil and VGO export supplies in April, according to LSEG data.
China and India import straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in their refinery feedstock pool, while Malaysia and Singapore mostly place the cargoes on floating and ports storages for blending and further exports, according to market sources.
Recently, Indonesia became another transshipment hub in Asia for Russian oil products, market sources said and LSEG data showed.
More than 500,000 metric tons (3.2 million barrels) of fuel oil loaded from Russia's Ust Luga oil terminal have arrived at Karimun so far this year, nearly five times the volume in the corresponding 2024 period, according to Kpler data.
Tankers carrying on board around 200,000 tons of fuel oil and VGO loaded in April in the Russian ports are on their way on Suez Canal Waiting Zone not showing final destination yet and also could end up in one of the Asian countries, shipping data showed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
42 minutes ago
- Arabian Business
Saudi Arabia announces new credit card rules
The Saudi Central Bank (SAMA) has announced updated credit card rules. The updated regulations will be for credit card issuance and operation, targeting cost reduction for customers whilst increasing disclosure and transparency levels, and will take effect within 30 to 90 days. Under the updated framework, credit card issuers must notify customers of fee changes via SMS, with customers permitted to terminate their agreements within 14 days of receiving such notices. E-wallet top-ups via credit cards will no longer incur charges. Saudi Central Bank announces new credit card rules to lower customer fees The regulations establish new fee structures for cash withdrawals. For amounts below SR2,500, fees are capped at 3 per cent of the transaction value. For withdrawals of SAR2,500 or more, fees are limited to a maximum of SAR75. This represents a change from previous rules where cash withdrawals carried fees of SAR75 for transactions up to SAR5,000 and 3 per cent of the transaction amount for sums over SAR5,000, with a maximum fee of SAR300. International purchases will carry a 2 per cent fee of the transaction value under the new system. Customers may now deposit amounts above their credit limit and withdraw them without charges. SAMA worked with global payment companies to assess and reduce transaction costs, forming part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide payment options for customers and visitors. The transparency measures require issuers to notify customers immediately of financial transactions and send account statements via SMS. Issuers must provide tools enabling customers to estimate rewards and international charges before purchases. Regarding repayment terms, customers may pay their full outstanding balance without late fees, with a mandatory grace period of at least 25 days guaranteed. The regulations unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting clarity for consumers. Additional charges under the new system include SAR25 for invalid transaction disputes and account statement requests.
UAE Moments
an hour ago
- UAE Moments
From Dubai to Anywhere—It's Now a Pricier Ride
If your summer travel plans suddenly feel too expensive, you're not alone. Airline ticket prices from the UAE to popular destinations have jumped significantly since June 13, as escalating tensions between Israel and Iran force carriers to reroute flights, adding time and fuel costs. Destinations in Asia, Africa, Europe, and North America are seeing increases of 15% to 60%, according to fare trackers like Google Flights and Skyscanner. These price hikes are directly tied to airspace restrictions over the conflict zone and rising demand during peak travel season. UAE to India: Summer ritual gets pricey For many Indian expats in the UAE, flying home during summer is a yearly routine. But this year, fares to Mumbai and Delhi have seen a steep surge. One-way tickets that typically cost Dh380 to Dh440 are now reaching Dh800, depending on the airline and date—marking a 50–60% increase. For families, the price gap adds up fast. US routes rerouted, fares soar Flights from the UAE to major US cities like New York and Chicago have also become more expensive. Tickets to New York now average Dh1,210 to Dh1,325, compared to Dh1,030 before June 13. Round-trip fares are crossing Dh2,475, up 15–20%, as airlines take longer routes to avoid Iranian airspace. Africa-bound flights not spared Flights to Nairobi are also affected. One-way tickets have jumped from Dh550 to Dh750, while round-trip prices are now hovering around Dh1,195, up 25% in just a week. Some carriers are adding stopovers to safely navigate around restricted zones, leading to longer travel times and higher costs. Europe, Israel routes feel ripple effects Even European destinations not directly over the conflict area are seeing price increases. Flights to Frankfurt, for example, have gone from Dh750 to Dh950 —a 25% rise —due to congestion on alternate routes. As for Israel, direct flights from Dubai to Tel Aviv have become more expensive and less available. Fares are now around Dh1,080, up 70%, with fewer daily departures and longer layovers. Why flight prices are rising fast With portions of Iranian and Israeli airspace restricted, airlines are rerouting over longer paths—through the Gulf, Central Asia, or Northern Africa. This means longer flight times, higher fuel usage, and fewer available aircraft, all of which drive prices up. The summer travel rush is making it worse. What UAE travelers can do If you're planning to fly soon, book early and track fare trends through platforms like Google Flights or Skyscanner. Try to travel midweek or during off-peak hours for possible savings. Also, consider flexible or refundable options, as more changes in flight paths or schedules may occur if regional tensions escalate. Bottom line
Gulf Today
2 hours ago
- Gulf Today
China-UAE relations continue to open new horizons for development
Staff Reporter, Gulf Today The China Pavilion at Expo Dubai hosted the China-Arab Media Salon, coinciding with the official inauguration of the Middle East Communication centre of Hainan Media Group, which has chosen Dubai as its regional hub. The event aimed to highlight the role of media in deepening the strategic partnership between China and Arab countries—particularly the UAE, which enjoys strong economic, social, and trade ties with China, ties that media has significantly helped foster. Xian Yi, Deputy Consul General of Consulate General of the People's Republic of China in Dubai, emphasized that as the Belt and Road Initiative (BRI) advances, China-UAE relations continue to open new horizons for development. He noted Hainan's pivotal role in this collaboration, describing the new centre as a milestone in strengthening the friendly ties between the two nations. He also highlighted the importance of deepening media cooperation and cultural exchanges, expressing hope that the centre will serve as a vital bridge fostering mutual understanding and people-to-people friendship between China and the UAE. Shahab Shayan, Regional Director, Asia Pacific at Dubai Department of Economy and Tourism, stressed that China remains one of Dubai's top source markets. He noted that the direct air routes between Dubai and Hainan have significantly facilitated cultural, tourism, and trade exchanges. He added that the new media centre will become a platform for bilateral cultural dialogue and content collaboration, predicting deeper future cooperation in tourism, business, and investment under the BRI framework. Wang Lie, Deputy director of Hainan Broadcast station, stated that the group is committed to fostering a more open China that creates broader development opportunities for the world. He called for innovative efforts to deepen cooperation, enhance mutual understanding, and promote intercultural learning. Hainan Media Group, he said, will invest fully in developing the centre to meet the expectations of both Chinese and Arab audiences, using its media capabilities to bridge cultural differences and facilitate meaningful bilateral communication across various fields. During the inauguration, Hainan Media Group signed a cooperation agreement with China Arab TV. The initial phase of the collaboration focuses on showcasing Hainan's Free Trade Port achievements in institutional innovation, industrial openness, trade facilitation, and cooperation with the UAE. The partnership includes programme exchange and joint content production targeting audiences in 22 Arab countries, aiming to strengthen regional understanding of the Free Trade Port's development and to contribute new 'touchpoints' in China-Arab friendship and shared future narratives. The event concluded with a dialogue session featuring Chinese and Arab media figures, including Wang Lie, Deputy director of Hainan Broadcast Station; Mohamed Beiji, Deputy Editor-in-Chief of China Arab TV; Prof. Amer Fakhoury, Professor of International Law at the American University in the Emirates; and Prof. Mohamad AlNaeb, President of Strategia centre for Studies. The discussion focused on mechanisms for enhancing media cooperation, leveraging the development experiences of both the UAE and China, and showcasing success stories in the media to deepen bilateral partnership. Dr. Amer Fakhoury emphasized that the UAE is not only a major commercial and financial hub in the Gulf and the Middle East, but also a vital partner along the Belt and Road. He pointed out the alignment between Hainan's strategy of continuous openness and the UAE's development vision, stressing the media's responsibility in telling the evolving story of China-UAE friendship. He called for enhanced cooperation in producing high-quality media content that resonates with both Chinese and Arab audiences. Prof. Mohamad AlNaeb noted that the BRI, initiated by President Xi Jinping, offers a roadmap for stable and sustainable cooperation between China and the UAE. He highlighted the similar regional dynamics of Hainan and Dubai, both positioned as high-quality development zones. He suggested practical cooperation in sectors such as trade, investment, green economy, and tourism, with media playing a key role in building stronger connections between the two peoples. Since 2023, delegations from Hainan Province have paid frequent visits to the UAE, bolstering industrial cooperation in energy, digital economy, healthcare, tourism, and beyond. Investment collaboration between Hainan and Arab countries continues to expand, with bilateral trade in goods growing at an annual average of over 30% in the past three years. In 2024 alone, trade volume is expected to exceed 24 billion yuan. Notably, direct flights now connect Haikou with both Abu Dhabi and Dubai, forming an 'aerial Silk Road.' Coupled with visa-free travel policies, these routes have significantly boosted tourism flows from the Arab world to Hainan. Agricultural and environmental cooperation has also flourished, exemplified by the successful cultivation of 25,000 date palm seedlings donated by the UAE, now thriving in Wenchang. Meanwhile, Hainan's local produce such as Danzhou eggplants and Sanya okra have made their way onto Middle Eastern tables, marking a symbolic leap from 'seed to supply chain.' Beyond trade, port partnerships between Yangpu Port and Abu Dhabi Port have been established, laying the foundation for deeper cooperation in emerging areas like digital commerce and maritime finance. This reflects a transition from 'hard connectivity' in infrastructure to 'soft connectivity' across institutions and industries—advancing the vision of a shared free trade network between Hainan and the Arab world.
