EMEA News
Iran Refinery Maintenance to Shrink Supply
Scheduled maintenance on Iran’s largest refinery will reduce fuel oil exports by at least 50 percent, a source told Reuters.
The Abadan refinery was shut down on March 10 and is expected to be operational again around April 10, according to the National Iranian Oil Company (NIOC).
Tighter supplies of Iranian fuel oil have raised bunker fuel premiums in the United Arab Emirates (UAE) port of Fujairah, trade sources said, with bunker fuel there now costing $2 to $5 more than in Singapore, rather than offering a discount, as it usually does.
Bunker price indications today from Ship & Bunker show key grade IFO380 at $600.00 per metric tonne (pmt) in Singapore, compared to $604.50 pmt in Fujairah.
Iranian fuel oil is a low-density product and can be blended with lower quality fuel to produce marine fuel.
UAE sources said in January that the gradual lifting of Western sanctions on Iranian oil could improve bunker quality in the Middle East.
