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Saudi Arabia remained the largest buyer of Russian fuel oil last month even as overall Russian shipments declined. The imports rose sharply after production shut-ins began in March amid the Hormuz crisis.
com reported. Russia’s vessel shipments of fuel oil and vacuum gasoil totaled about 3.2 million metric tons in May, down 6 percent from April, according to shipment data cited by Reuters and traders. Saudi imports fell 17 percent from April but stayed at elevated levels compared with periods before the Iran war.
Saudi Arabia became the leading buyer of Russian fuel oil two years ago after the European Union embargo on Russian oil products took effect in 2023. Imports rose 18 percent in March from February after the Iran war and Hormuz crisis triggered widespread shut-ins of oil and gas production across the Middle East.
Saudi Arabia uses direct crude burn for power generation and turned to Russian fuel oil to preserve more of its own crude for export through the Yanbu port on the Red Sea.
Within weeks of the Strait of Hormuz closure, the kingdom increased East-West pipeline flows from about 2 million barrels per day to 7 million barrels per day.
nbcnews.comVice President JD Vance announced that Iran will allow International Atomic Energy Agency experts to resume operations inside the country. Washington also said it will lift sanctions on Iranian oil exports and reopen the Strait of Hormuz. Tehran stated it made no new commitments…
The U.S. Treasury Department issued a general license allowing the production, delivery and sale of Iranian-origin crude oil, petrochemical products and petroleum products. The license remains valid through August 21.
insurancejournal.comA technical accident at the Barzan local gas supply facility in Ras Laffan killed 13 workers and injured 66 others on Sunday night. Qatar's energy minister said the blast was not sabotage and would not affect exports.