Saudi diesel imports from Russia, exports to Singapore hit records

Saudi Arabia is expected to import up to 500,000 tonnes (3.7 million barrels) or more of Russian diesel in May. — Reuters

SINGAPORE: Leading crude exporter Saudi Arabia is maximising refining profits by importing unprecedented amounts of cheap Russian diesel and in turn shipping record volumes to Singapore, where the fuel can achieve higher margins, shiptracking data shows.

Russia has had to divert the volumes it sold to Europe, previously its dominant product market, after the European Union banned oil product imports in February as part of its response to Moscow’s invasion of Ukraine.