Fujairah oil product stocks up 2.3%
FUJAIRAH: Oil product stockpiles at the port of Fujairah rebounded 2.3 per cent in the past week, as a significant build in heavy distillates from a near two-year low more than offset a draw in middle distillate stocks.
Stockpiles as of 30th November stood at 20.591 million barrels compared with 20.124 million barrels the week prior, according to data released today by the Fujairah Oil Industry Zone (FOIZ).
Heavy distillates, which includes marine bunkers and fuel oil, climbed 18.5 per cent to 8.615 million barrels, the data provided exclusively to S&P Global Plats showed. The week before, they had been at their lowest since December 31, 2018.
Meanwhile, middle distillates, such as jet fuel and diesel, dropped 12.8 per cent to 5.375 million barrels, down from the record high 6.161 million barrels reached in the previous week, according to the data.
Light distillates showed a slight decline of 1.4 per cent to 6.601 million barrels, from the 10week high 6.692 million barrels the week before.
Plats has been compiling the Fujairah inventory data since January 2017.
Meanwhile in the international market the price of OPEC basket of thirteen crudes stood at $46.72 a barrel on Tuesday, compared with $46.43 the previous day, according to Organisation of the Petroleum Exporting Countries (OPEC) Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The Organisation of the Petroleum Exporting Countries (OPEC) is a group consisting of 14 of the world’s major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market.