The Opec heavyweight has prioritized fuel oil over more valuable crude to burn in power stations during peak summer demand season.
Saudi imports of discounted Russian fuel oil to date in July are approaching this year’s high reached in June as the kingdom burns more liquids in its power plants during the peak summer demand season, according to shipping data and industry sources.
Refinery runs in the kingdom hit 3 million b/d for the first time in July as oil burn fell and installed solar capacity surged.
The Saudi and Russian ministers respectively emphasized that Opec-plus would be "attentive to circumstances when they prevail"…
RIYADH: Saudi Arabia pumped 9 million barrels per day of crude in April, a 0.54 percent month-on-month increase, according to the…
MOSCOW: Russia has diverted its naphtha cargoes from Oman amid the Middle East crisis as it looks for new buyers, traders said…
Russia was to produce 9.103 mbd of oil in July considering all voluntary cuts and overproduction compensation obligations
Brent crude oil has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a…
