Saudi Arabia Becomes Top Buyer Of Russian Fuel Oil 

By Alex Kimani - Dec 23, 2024

Saudi Arabia was the leading buyer of Russian seaborne fuel oil in November.

Asian countries have become top buyers of Russia's fuel oil and VGO ever since the European Union imposed a full embargo on Russian oil products in February 2023.

India is no longer the biggest buyer of Russian crude.

Saudi Arabia was the leading buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) exports in November, LSEG data has revealed. According to Reuters calculations based on LSEG data, Russian fuel oil and VGO exports grew 6% month-on-month in November to about 4.26 million metric tons. Asian countries have become top buyers of Russia's fuel oil and VGO ever since the European Union imposed a full embargo on Russian oil products in February 2023.

India is no longer the biggest buyer of Russian crude. According to the Centre for Research on Energy and Clean Air (CREA), India’s imports of Russian crude fell a massive 55% in November--the lowest figure since June 2022--despite Russia continuing to sell its oil at a discount. India has lately been trying to diversify its oil supplies: Last month, Indian Prime Minister Narendra Modi said during a visit to Guyana that his government views the South American country as key to India’s energy security. Modi told a special sitting of Parliament that he views Guyana as an important energy source and that he will encourage large Indian businesses to invest in the country.

Guyana did not immediately grant Modi’s wish, with India’s External Affairs Minister Jaideep Mazumdar saying talks will continue and that such a deal would ensure “greater predictability.” Guyanese Natural Resources Minister Vickram Bharrat told reporters that Guyana is willing to supply India with a large amount of crude, if Exxon Mobil, the main operator in Guyana’s offshore oil production, agrees to such an arrangement.

“We know Exxon has to do some amount of changes to their lifting schedule and logistics because their preference is for the very large vessels that can accommodate two million barrels mainly because of distance and cost,” Bharrat said.

Meanwhile, CREA estimates that there was a 17% month-on-month increase in the discount on Urals grade crude oil to an average of $6.01 per barrel compared to Brent crude oil. Russia has lost an estimated EUR 14.6 bn in revenues from Urals grade crude exports due to sanctions.

By Alex Kimani for Oilprice.com

Russia Loses Indian Oil Market Share to Middle East’s Exporters

By Charles Kennedy - Dec 23, 2024

India imported lower volumes of Russian crude oil in November.

Delhi boosted crude imports from Middle East countries.

In the months prior to November, India continued to boost crude imports from Russia.


India imported lower volumes of Russian crude oil in November while it boosted purchases of Middle Eastern crude, as Russia exported lower volumes overall while some Indian refiners were undergoing maintenance.

In the months prior to November, India continued to boost crude imports from Russia. Over the past two years, India has become a key buyer of Russia’s oil, while the attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India.

But last month, India imported 1.52 million barrels per day (bpd) of Russian crude oil, down by 13% from October, according to ship-tracking data that Reuters has obtained from sources.

At the same time, imports from the Middle East into India, the world’s third-largest crude importer, jumped by 10.8% in November compared to the prior month, the data showed.

Russia’s share of Indian crude oil imports was at around 32%, while the share of the Middle Eastern oil exporters in Indian foreign oil supply jumped to 48%, a nine-month high.

Some Indian refiners reduced spot purchases of Russian crude oil amid the maintenance season, but continued to lift committed volumes under annual contracts with Middle Eastern producers, an India refining official told Reuters.

Russia’s crude oil exports by sea fell in November, amid lower shipments to India, tanker-tracking data monitored by Bloomberg showed last month. Most of the decline in Russian shipments in November was seen at Russia’s Western ports on the Baltic and Black Sea, from where the majority of shipments to India depart.

Still, Russia continued to be the top supplier of crude oil to India in November, ahead of Iraq and Saudi Arabia.

The Kingdom, the world’s top crude exporter, saw its oil exports to Asia rise in November, while Russia’s crude sales in the world’s most important oil-importing region fell amid lower purchases by Moscow’s two key markets, China and India.

By Charles Kennedy for Oilprice.com