Singapore, Fujairah Show Ample Fuel oil Supply
Fuel oil cargoes: heading east. File Image /Pixabay.
Russia sent record volumes of sea-borne fuel oil and vacuum gasoil (VGO) to Singapore and Malaysia in March, adding to oversupplied Asian markets.
The European Union's full embargo on Russian oil products came into effect on 5 Febuary and the bulk of Russia's fuel oil and VGO was redirected to other regions, mostly Asia, long before the deadline, according to Reuters.
According to Refinitiv data, in March fuel oil and VGO shipments from Russian ports to Singapore and Malaysia could exceed 1.1 million metric tonnes, in line with loadings from the United Arab Emirates (UAE).
Fujairah as a major trading hub in the UAE has also received volumes of Russian dirty oil products, which could total this month at least 300,000 mt, according to the report.
SP Global citing Fujairah Oil Industry Zone data said stockpiles of heavy distillates used for power generation and ship fuel were up by 1.7% in the week ended 27 March to 11.6 million barrels, a four-week high.