Fuel oil stocks are building as marine demand moves on to cleaner fuels. Image Credit: File Image / Pixabay
Stocks of fuel oil at Fujairah jumped by 11% in the first week after the IMO's lower marine fuels cap came into effect, according to official inventory figures published Wednesday.
Heavy distillate and residue stocks at the Middle Eastern oil hub climbed to 11.205 million barrels in the week to 6 January, according to data published by S&P Global Platts and the Fujairah Oil Industry Zone.
This figure includes fuel oil for power generation as well as for bunkering.
Middle distillate inventories lost 2.1% to 3.644 million barrels, the data showed.