Saudi Arabia’s Imports Of Russian Fuel Oil Hit A Record High

Saudi imports of fuel oil from its OPEC+ partner, Russia, jumped to a record-high in June as the Kingdom looks to burn more fuel oil for summer power demand, at the expense of crude oil, amid the production cuts, analysts and traders have told Reuters. Last month, the world’s largest crude oil exporter, Saudi Arabia, imported a record volume of 193,000 barrels per day (bpd) of fuel oil from Russia, a tenfold surge compared to a year ago, according to data from analytics firm Kpler cited by Reuters.    Analysts believe there is a…