China and Saudi Arabia Emerge as Largest Buyers of Russia’s Fuel Oil

As many Russian refineries completed planned maintenance, Russia raised its seaborne exports of fuel oil in July, sending a large part of the volumes to China and Saudi Arabia, which were joint top buyers of the Russian oil product, Reuters reported on Friday, citing data from LSEG.  Total Russian shipments of fuel oil and vacuum gasoil (VGO) increased by 7% month-on-month in July, to 4 million metric tons, according to the data and trade sources who spoke to Reuters.  Of these 4 million tons, China and Saudi Arabia imported 700,000 tons…