VLSFO exports from Fujairah have been declining. File Image / Pixabay
Fuel oil exports from the Middle Eastern oil hub of Fujairah dropped to an 18-month low in March, according to price reporting agency S&P Global Platts.
Fuel oil exports from the UAE port dropped to 78,600 b/d in May from 102,000 b/d in April, Platts reported Monday, citing data from analytics firm Kpler.
Rising freight rates in April and May, as well as good availability of fuel oil in the Asia-Pacific region, kept the need for exports from the Middle East low, Platts cited Kpler as saying.
Fuel oil demand in the MIddle East is likely to rise in the coming months as more is in demand for power generation during the summer.
Very low sulfur fuel oil prices at Fujairah were at $313.50/mt on Monday, according to Ship & Bunker pricing, up by $75/mt over the past month.