Saudi Arabia Ramps Up Purchases of Dirtiest Oil Amid Scorching Summer
- Fuel oil imports in June highest since at least November 2020
- World’s biggest crude exporter buys fuel oil for power plants
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Saudi Arabia boosted imports of the dirtiest type of oil to the highest in more than three years to help meet power demand during the scorching summer.
Shipments of fuel oil rose in June to the most since at least the end of 2020, and are expected to remain elevated this month, according to data from market researchers Kpler and Vortexa. Purchases, which typically jump during the hottest months as air conditioners crank up, have risen as much as fourfold since March to about 350,000 barrels a day, according to Vortexa.