According to data released by the Fujairah Oil Industry Zone, oil product inventories at the Port of Fujairah increased by 10% in the week ending February 10th. This rise was primarily driven by a 25% increase in fuel oils used for power generation and shipping, reports S&P Global.
Stocks Rise
Total commercial crude oil and product inventories in Fujairah, the UAE’s oil trading hub, rose to 20.245 million barrels, marking an eight-month high, according to the Fujairah Oil Industry Zone (FOIZ) data. Heavy distillates, used as fuel oils, also reached an eight-month high, ending at 10.225 million barrels.
Light distillates, such as gasoline and naphtha, increased slightly by 1.5% to 8.461 million barrels, remaining at the highest level since April 2023. In contrast, middle distillates, including jet fuel and diesel, experienced a 15% decline, reaching their lowest level in four months at 1.559 million barrels.
Iran Leads
Total product exports from Fujairah averaged 261,000 barrels per day (b/d) in the week commencing February 3rd, a significant decline from the previous week’s 414,000 b/d, according to Kepler data. Pakistan and Yemen were the primary destinations for these exports, with gasoline being the leading exported product, followed by fuel oils.
Refined product imports during the same week averaged 708,000 b/d, comprising fuel oils, gasoline, naphtha, and diesel.
This import volume remained relatively stable compared to the previous week’s 709,000 b/d. Iran was the leading origin country for imports, contributing 305,000 b/d, followed by Iraq, India, Russia, the Netherlands, and Bahrain.
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Source: S&P Global
