In May, Russia significantly increased seaborne fuel oil and vacuum gasoil exports to India and Turkey as falling oil product prices and rising summer energy demand spurred buying.

LSEG data shows exports to India nearly doubled to 0.6 million tons, while shipments to Turkey surged 75% to 0.43 million tons. Despite this, India’s Reliance and Nayara Energy cut Russian oil imports by 37% and 3%, respectively.

Saudi Arabia remained the top importer, though volumes fell 17%. Singapore and China also received substantial shipments.

Meanwhile, Russia’s fuel oil exports to Asia via the Cape of Good Hope dropped to a 2024 low due to rerouting caused by Houthi threats in the Red Sea and rising tensions between Iran and Israel.