Saudi Arabia cools down by raising imports of Russian oil
Oil
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Article by:
Eva Levesque - AGBI
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Date Published:
August 01, 2024
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Who was cited:
Palash Jain, Oil Analyst - FGE Dubai
“The increased demand for fuel oil in the Saudi power sector can be attributed to an unusually hot summer,” Palash Jain, Middle East oil analyst at Facts Global Energy, told AGBI.
Jain said that, in addition, the Saudi Aramco Shell Refinery, one of the largest in the world, was under maintenance from April to June, which may have limited the kingdom’s ability to build fuel oil stocks.
Saudi Arabia is trying to stop burning liquid fuels for power generation by increasing natural gas use and building renewables capacity. However, a full transition is a long way off. For now, the country is “short in fuel oil,” Jain said.
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