Russian fuel oil exports to Asia surge in May

Indian and Chinese markets dominated Russian seaborne exports of fuel oil and vacuum gas oil (VGO) in May, totalling 4 million metric tons, up 12 per cent from April due to completed maintenance.

Since the European Union (EU) embargo on Russian oil products in February 2023, Russia redirected most fuel oil and VGO to Asia. Direct shipments to India rose to 0.7 million tons, China received 520,000 tons.

Moreover, Saudi Arabia doubled purchases to 430,000 tons for summer power needs. Meanwhile, Egypt received 200,000 tons, down from April’s 500,000. Malaysia got 320,000 tons, up from 190,000, while Fujairah received 90,000 tons, down from 60,000. Furthermore, around 450,000 tons went for ship-to-ship transfers near Greece and Malta, destined mostly for Asia.