/Agencia Reuters
Russian seaborne exports of fuel oil and vacuum gas oil (VGO) fell nearly 6% month-on-month in May 2026, standing at 3.2 million metric tons, due to Ukrainian drone attacks on infrastructure restricting production and shipments, according to data from operators and LSEG.
Saudi Arabia remained a key destination for fuel oil and VGO, as high summer temperatures boosted demand for air conditioning. However, shipments to that country decreased by 17% compared to April, reaching 1.23 million tons.
The increase in export volumes in recent months was due to war-related disruptions in Iran, which reshaped flows and boosted demand for crude oil, as well as a temporary exemption from US sanctions on Russian petroleum products, according to operators.
Saudi Arabia is expected to burn more imported fuel oil for power generation this summer due to the loss of natural gas supply from oil fields that have been shut down, after the conflict in Iran restricted its oil exports, analysts explained.
Since the European Union’s full embargo on Russian petroleum products came into effect in February 2023, the Middle East and Asia have become the main outlets for Russian fuel oil and VGO.
Russian fuel exports to Singapore and Malaysia, major storage and bunkering hubs, fell 39% month-on-month in May, standing at around 0.4 million tons, according to LSEG data.
Separately, about 140,000 tons of VGO and fuel oil loaded at Russian ports last month were destined for transfers near Port Said, Egypt, with a final destination still unclear.
