EMEA News
Iranian Officials Deny 380 cSt Export Stoppage
Iranian energy officials have rejected recent reports that the country has stopped exports of 380 cSt fuel oil, the FARS news agency (FNA) reports.
"Some regional traders have spoken of a halt in exports of Iran's fuel oil just for the sake of their own interests and to increase the price of fuel oil," the National Iranian Oil Company (NIOC) International Relations Director Seyed Mohsen Qamsari told FNA.
Last week's report by Reuters cited a source at NIOC speculated the move could be because the country is stocking up on the oil to generate power if gas supplies run low.
IFO380 bunkers in Fujairah, where around 20 percent of the product comes form Iran, has fallen $29.50 per metric tonne (pmt) over the last 2 weeks.
Today the product is currently $596.00 pmt compared to $625.50 pmt on July 29, data from Ship & Bunker shows.
