Singapore Fuel Oil Imports Triple, Russia Sourced Product Hits 2 Year High

by Ship & Bunker News Team
Friday June 12, 2015

International Enterprise Singapore (IE Singapore) data shows that weekly residual fuel imports to Singapore, led by a jump in shipments from Russia, have nearly tripled in the week to June 10, Reuters reports.

Reuters records were said to show that Russian exports to Singapore during the week were the highest in at least two years, with a reported 840,000 tonnes transferred for the period.

The increase in shipments from Russia is said to be due to weakened demand in Europe and heavy selling by Russian firm LUKOIL during Platts' pricing process.

Venezuela, Saudi Arabia, India, and Colombia are also said to have increased fuel exports Singapore as well.

Overall, fuel oil imports to Singapore haven risen to 180 percent week-on-week to 2.33 million tonnes, leaving October 9, 2013 as the last time recorded arrivals were higher.

Further, despite a 1 percent fall from the previous week, onshore stocks of fuel oil have reportedly been remaining above 27 million barrels and hovering near historical highs.

On Tuesday, it was reported that Singapore saw over $750 million worth of fuel oil traded during the first week of June, about 60 percent of Singapore's average monthly sales.

Ship & Bunker News Team
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