Saudi Arabia snaps up Russian diesel and sends its own to Europe

 

The kingdom imported 174,000 barrels a day of diesel and gasoil from Russia in April and even more so far this month, data compiled by Bloomberg from analytics firm Kpler show. Simultaneously, it became Europe’s top supplier, leapfrogging Russia since February.

 

The Middle East country is not sending the same Russian fuel back to Europe as it’s importing, which would be in breach of European Union sanctions. Work at refineries was responsible for imports rising, a person familiar with the matter said. The extra exported fuels, which came from different parts of the country, were made to different specifications and 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 Russian petroleum sales, allowing the country’s crude and fuels to keep flowing in large volumes.