Fujairah’s Fuel Oil Stocks Surge Amid Rising Net Imports

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  • Fujairah’s fuel oil stocks increase by an average of 2%.
  • Heavy distillate and residual stocks have surged.
  • Middle distillate stocks have experienced a significant drop.

Fujairah’s fuel oil stocks have risen by an average of 2% in the first half of March compared to February, according to data from Fujairah Oil Industry Zone (FOIZ) and S&P Global, reports Engine.

Stocks Breakdown

Heavy distillate and residual stocks have surged by 154,000 bbls, reaching 9.30 million bbls.

Middle distillate stocks have experienced a significant drop of 753,000 bbls, reaching 1.52 million bbls.

Increased Imports and Exports

Fujairah has witnessed a notable increase in fuel oil imports, reaching 400,000 b/d in March, up from 256,000 b/d in February.

Fuel oil exports from Fujairah have also surged by 129,000 b/d to 310,000 b/d in March.

Key Importers and Export Destinations

Russia and Iraq have been the major contributors to Fujairah’s fuel oil imports this month, accounting for 53% and 31% respectively.

The majority of fuel oil exports from Fujairah have been destined for Singapore (31%), Malaysia (28%), and Egypt (15%).

Decline in Middle Distillate Stocks

In contrast to fuel oil stocks, middle distillate stocks in Fujairah have witnessed a decline, averaging 33% lower compared to the previous month.

Tight Availability and Supply Challenges

The prompt availability of all bunker fuel grades remains constrained in Fujairah due to backlogs caused by recent weather-related disruptions.

Most suppliers are recommending lead times of 7-10 days to cope with the supply challenges.

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Source: Engine