Business & Economy

India Led Russia Seaborne Exports of Fuel Oil and VGO in May

© Photo : Social MediaFuel oil and VGO from Russian ports to India increased
Fuel oil and VGO from Russian ports to India increased - Sputnik India, 1920, 25.06.2024
In May, the volume of direct shipments of fuel oil and vacuum gasoil (VGO) from Russian ports to India increased to 0.7 million tons, London Stock Exchange Group (LSEG) reports.
India emerged as the primary destination for Russian seaborne exports of fuel oil and VGO in May, according to LSEG data.
Seaborne exports of commodities from Russia increased by 12% from April to approximately 4 million metric tons last month, aided by the conclusion of seasonal maintenance.
Following the European Union's complete embargo on Russian oil products in February 2023, the majority of the country's fuel oil and VGO exports were redirected to other regions, primarily Asia.

In May, direct shipments of fuel oil and VGO from Russian ports to India rose to 0.7 million tons, up from 0.6 million tons the previous month.

Similarly, fuel oil loadings destined for China increased to around 520,000 tons in May, compared to 450,000 tons in April, per LSEG data.
Traders noted that China and India import straight-run fuel oil and VGO primarily for refining purposes, as substitutes for more costly Urals barrels.
Meanwhile, VGO and fuel oil loadings from Russia to Malaysia increased to 320,000 tons in May from 190,000 tons in April, while shipments to Fujairah decreased to 90,000 tons from 60,000 tons.
Foreign ministers of the Shanghai Cooperation Organisation (SCO) member states pose for a family photo prior to their meeting in Astana on May 21, 2024. (Photo by STRINGER / AFP)  - Sputnik India, 1920, 21.06.2024
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