Stockpiles of oil products at the Port of Fujairah in the UAE increased by 12% in the week ending November 20, reaching a six-week high, according to data from the Fujairah Oil Industry Zone. The total stockpile reached 18.867 million barrels, down 8.7% since the end of 2022. Heavy distillates, used for power generation and shipping, experienced a 19% increase, while light distillates and middle distillates rose by 1.6% and 4.7%, respectively. Fuel oil exports from Fujairah declined to 291,000 barrels in the week started November 13, with light and middle distillate shipments seeing a significant increase. Overall, heavy distillates stockpiles are up 11% in 2023, while light and middle distillates have decreased by 27% and 30%, respectively.

SOURCE: GOOGLE