Mumbai, 22 May (Commoditiescontrol): India and Egypt emerged as the primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in April, according to traders and LSEG data.
Russian seaborne exports of fuel oil and VGO decreased by 10% in April, totaling around 3.32 million tons. This decline was due to idled refining capacity caused by maintenance, technical issues, and drone attacks, Reuters calculated a 13.6% increase from March.
Following the European Union's complete embargo on Russian oil products in February 2023, Russia redirected most of its fuel oil and VGO exports to other regions, predominantly Asia.
In April 2024, direct shipments of fuel oil and VGO from Russian ports to India rose to 0.6 million metric tons from 0.4 million tons in March. Conversely, exports to China dropped to about 450,000 tons from 660,000 tons the previous month.
India and China import straight-run fuel oil and VGO for refining, partially substituting for more expensive Urals crude, traders noted.
Egypt's fuel oil imports increased to almost 0.5 million tons in April from 0.1 million tons in March, with all deliveries made to the Ain Sukhna Terminal. Traders utilize this terminal for storage and blending, preparing fuel oil for power generation ahead of the summer season.
LSEG data indicated that at least 200,000 tons of fuel oil had been loaded in Russian ports by May for Ain Sukhna Terminal.
Exports of Russian VGO and fuel oil to Fujairah climbed to about 260,000 tons in April from 60,000 tons in March. Meanwhile, shipments to Senegal dropped to about 100,000 tons from 310,000 tons, and exports to Saudi Arabia decreased to 200,000 tons from 490,000 tons, according to shipping data.
Approximately 300,000 tons of VGO and fuel oil loaded in Russian ports in April were destined for ship-to-ship transfers near Greece and Malta, with most cargoes ultimately reaching Asia, market sources revealed.
By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
