Business & Finance
Ship fuel supplies tighten globally amid Middle East and Russian export drops
Global marine fuel markets face significant deficits and rising prices, according to Al Jazeera.
The short version
- Middle East fuel oil exports dropped 45 percent year on year between March and August, while Russian exports reached a record low of 591,000 barrels per day in August.[Al Jazeera]
- Refiners are directing capacity toward more profitable products like diesel rather than marine fuel oil.[Al Jazeera]
- Bunker prices have surged, with very low sulphur fuel oil climbing 76 percent in Singapore to nearly $825 per metric tonne since the war on Iran began.[Al Jazeera]
- Consultancy Energy Aspects projects a fuel oil deficit of 218,000 barrels per day during the third quarter.[Al Jazeera]
Key facts
- Middle East fuel oil exports fell 45 percent year on year to 447,000 barrels per day from March to August.[Al Jazeera]
- Russian fuel oil exports dropped to a record low of 591,000 barrels per day in August.[Al Jazeera]
- Refiners prioritize producing diesel over fuel oil to achieve higher profit margins.[Al Jazeera]
- Singapore very low sulphur fuel oil prices reached just under $825 per metric tonne as of September 1, a 76 percent rise since the war on Iran began.[Al Jazeera]
- Fuel oil inventories in Amsterdam-Rotterdam-Antwerp and Fujairah stand roughly 30 percent below their three-year seasonal averages.[Al Jazeera]
- Energy Aspects projected a fuel oil deficit of 218,000 barrels per day in the third quarter.[Al Jazeera]
What remains uncertain
- Whether the projected third-quarter fuel oil deficit of 218,000 barrels per day will persist or widen depending on regional conflicts and refinery yields.[Al Jazeera]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.