Saudi Arabia is taking millions of barrels of Russian diesel that Europe no longer allows, while sending its own supplies to EU buyers.
The kingdom imported 174,000 barrels per day of diesel and diesel from Russia in April and more so far this month, data compiled by Bloomberg from analyst firm Kpler showed. At the same time, it became Europe’s top supplier, overtaking Russia since February.
The Middle Eastern country is not sending the same Russian fuel to Europe that it imports, which would be a violation of European Union sanctions. Refinery work was responsible for the increase in imports, a person familiar with the matter said. The additional exported fuels, which came from different parts of the country, were manufactured to different specifications and are often subject to long-term supply commitments, the person said.
The trade flows are just one example of how the oil market has so far absorbed aggressive Western sanctions – and a price cap – on oil sales to Russia, allowing the country’s crude and fuels to continue flowing in large volumes.
The flows were broadly consistent with data from Vortexa Ltd., another well-known shipping analytics firm. Bloomberg checked the ship tracks and other information about the cargo loads.
The Middle Eastern country overtook the US to become the world’s second largest exporter of diesel and diesel last month, according to Kpler.
About 35% of the country’s total April exports were sent to European Union countries and the United Kingdom.
Most of these shipments came from the ports of Jubail and Yanbu in Saudi Arabia. Some also went to Africa.
Instead, barrels of Russian origin arrived at the kingdom’s Ras Tanura and Jizan ports.
Saudi Arabia’s imports of diesel-like fuels are expected to rise from an average of 31,500 barrels a day in 2022 to about 150,000 barrels a day for the rest of this year, said Iman Nasseri, managing director for the Middle East of the FGE consultancy. .
