ALBAWABA – Saudi Arabia announced importing fuel oil from Kuwait for the first time after two years as reported by Reuters. The kingdom imported fuel oil from Kuwait in July 2024 to meet power demands as stated by trade sources.
Saudi Arabia and Kuwait fuel oil imports
Kpler and Vortexa, global trading tracking companies, said KSA’s imports of fuel oil from Kuwait exceeded 180,000 tons (around 37,000 barrels per day). The kingdom lastly purchased fuel oil from Kuwait in May 2022. On another hand, Russia’s fuel oil supplies to the kingdom recorded a vast decline.
Experts are expecting a continuous flow in Kuwaiti fuel supplies to the Kingdom in August in correspondence to the tender recently won by Saudi Aramco. The latter will obtain 130,000 tons of ultra-low sulphur fuel oil (ULSFO) from the Kuwaiti Al Zour Refinery.
The kingdom imported fuel oil from Kuwait in July to meet power demands as stated by trade sources. (Shutterstock)
Saudi Aramco will receive the cargo, that was sold for $8 discounted price, between August 11 and 12. This price is marked less than the prices shown in Singapore.
Kuwait Petroleum Corporation (KPC) and Kuwait Integrated Petroleum Industries Company (KIPIC) have not commented yet on this matter.
Saudi Arabia and Russia
It is worth noting that Russian fuel oil supplies remain the largest to Saudi Arabia, estimated around 441,000 tons in July 2023. However, Russian supplies marked a decline of around 750,000 tons from the same month last year.
