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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 20, 2025

    Featured image for article about Headlines

    MOSCOW (Reuters) -Russia increased seaborne fuel oil and vacuum gasoil exports to India and Turkey in May as falling oil product prices attracted buyers, while the hot summer season required more fuel for energy production, trade and shipping data showed.

    Oil prices fell to four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.

    Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries have become the main destination for Russia's fuel oil and VGO supplies.

    According to LSEG data, dirty oil products loadings from Russian ports to India almost doubled last month from April to 0.6 million metric tons.

    India imports straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in its refinery feedstock pool.

    Meanwhile, India's Reliance Industries and Nayara Energy imported 37% and 3% less Russian oil last month, respectively, than in April.

    Russia's seaborne fuel oil and vacuum gasoil exports to Turkey rose 75% month-on-month in May to 0.43 million tons, shipping data shows.

    Saudi Arabia was the main importer of Russian seaborne fuel oil last month, though loadings fell 17% from April to 0.7 million tons. The country has turned to importing more discounted Russian fuel oil for summer since 2023 as its prices declined following an EU embargo on the import of oil products from Russia.

    Singapore and China were also among the other top destinations for Russian fuel oil and VGO export supplies in May, according to LSEG data.

    Meanwhile, Russia's fuel oil supplies to Asia via the African Cape of Good Hope fell in May to around 85,000 tons, the lowest level since the start of the year.

    Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group.

    The escalation of military strikes between Iran and Israel could also force shipowners to avoid the Red Sea routes on their way to Asian countries.

    (Reporting by Reuters; Editing by Sonia Cheema)

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