The very low sulphur fuel oil (VLSFO) market in Asia faced further weakening as Singapore's 0.5% VLSFO cash premium and refining crack both declined, with the cash premium falling nearly 25% to below $17 a metric ton. Simultaneously, China issued an additional 3 million metric tons of fuel oil import quotas for non-state firms in 2023, bringing the total to 19.2 million tons for the year. Fuel oil price benchmarks have started easing since the previous week. In tenders, Indian Oil offered high sulphur fuel oil (HSFO) for loading from Vizag in mid-December. Meanwhile, the Panama Canal announced a special auction slot to address reduced ship crossings due to severe drought.