Latest news with #VGO
Al Arabiya
12 hours ago
- Business
- Al Arabiya
Russia boosts seaborne fuel oil exports to India and Turkey in May, data shows
Russia increased seaborne fuel oil and vacuum gasoil exports to India and Turkey in May as falling oil product prices attracted buyers, while the hot summer season required more fuel for energy production, trade and shipping data showed. Oil prices fell to four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain. Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries have become the main destination for Russia's fuel oil and VGO supplies. According to LSEG data, dirty oil products loadings from Russian ports to India almost doubled last month from April to 0.6 million metric tons. India imports straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in its refinery feedstock pool. Meanwhile, India's Reliance Industries and Nayara Energy imported 37 percent and 3 percent less Russian oil last month, respectively, than in April. Russia's seaborne fuel oil and vacuum gasoil exports to Turkey rose 75 percent month-on-month in May to 0.43 million tons, shipping data shows. Singapore and China were also among the other top destinations for Russian fuel oil and VGO export supplies in May, according to LSEG data. Meanwhile, Russia's fuel oil supplies to Asia via the African Cape of Good Hope fell in May to around 85,000 tons, the lowest level since the start of the year. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. The escalation of military strikes between Iran and Israel could also force shipowners to avoid the Red Sea routes on their way to Asian countries.
Reuters
12 hours ago
- Business
- Reuters
Russia boosts seaborne fuel oil exports to India and Turkey in May, data shows
MOSCOW, June 20 (Reuters) - Russia increased seaborne fuel oil and vacuum gasoil exports to India and Turkey in May as falling oil product prices attracted buyers, while the hot summer season required more fuel for energy production, trade and shipping data showed. Oil prices fell to four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain. Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries have become the main destination for Russia's fuel oil and VGO supplies. According to LSEG data, dirty oil products loadings from Russian ports to India almost doubled last month from April to 0.6 million metric tons. India imports straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in its refinery feedstock pool. Meanwhile, India's Reliance Industries ( opens new tab and Nayara Energy imported 37% and 3% less Russian oil last month, respectively, than in April. Russia's seaborne fuel oil and vacuum gasoil exports to Turkey rose 75% month-on-month in May to 0.43 million tons, shipping data shows. Saudi Arabia was the main importer of Russian seaborne fuel oil last month, though loadings fell 17% from April to 0.7 million tons. The country has turned to importing more discounted Russian fuel oil for summer since 2023 as its prices declined following an EU embargo on the import of oil products from Russia. Singapore and China were also among the other top destinations for Russian fuel oil and VGO export supplies in May, according to LSEG data. Meanwhile, Russia's fuel oil supplies to Asia via the African Cape of Good Hope fell in May to around 85,000 tons, the lowest level since the start of the year. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. The escalation of military strikes between Iran and Israel could also force shipowners to avoid the Red Sea routes on their way to Asian countries.
Zawya
20-05-2025
- Business
- Zawya
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.
