CHINA AND SAUDI ARABIA TOP BUYERS OF RUSSIAN FUEL OIL IN JULY

China and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in July. Russian fuel oil and VGO seaborne exports last month rose 7% from June to about 4.05 million metric tons, helped by completion of seasonal maintenance on Russian refineries.

Russia's offline primary oil refining capacity for July at 2.5 million tons was below June's level by some 44%. Since the European Union's full embargo on Russian oil products went into effect in February 2023, countries in Asia have been the main destination for Russia's fuel oil and VGO supplies.

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