East of Suez Market Update 12 Nov 2025

Bunker benchmarks in East of Suez ports have moved higher, and VLSFO availability is good in Saudi Arabia’s Jeddah port.

IMAGE: Aerial view of Saudi Arabia's Jeddah port with cargo ships and dry docks. Getty Images

Changes on the day, to 17.00 SGT (09.00 GMT) today:

• VLSFO prices up in Fujairah ($14/mt), Zhoushan ($7mt) and Singapore ($6/mt)
• LSMGO prices up in Fujairah ($16/mt), Zhoushan ($9/mt) and Singapore ($7/mt)
• HSFO prices up in Zhoushan ($4/mt), Singapore ($3/mt) and unchanged in Fujairah
• B30-VLSFO at a $250/mt premium over VLSFO in Singapore
• B30-VLSFO at a $257/mt premium over VLSFO in Fujairah

VLSFO benchmarks across the three major Asian bunker ports have risen, tracking Brent’s upward movement. Fujairah’s VLSFO price has gained the most over the past day. It is now near parity with Singapore's VLSFO price but remains at a $14/mt discount to Zhoushan's benchmark.

Prompt bunker supply remains tight across all fuel grades in Fujairah, with suppliers struggling with low inventories and loading delays. Lead times of 5 to 7 days are recommended for all grades.

The situation is similar at the nearby Khor Fakkan port. Some suppliers can arrange urgent deliveries at a premium, according to a source.

At Saudi Arabia’s Jeddah port, prompt availability of both VLSFO and LSMGO has improved, though port congestion continues to slow operations.

Brent

The front-month ICE Brent has gained by $0.75/bbl on the day, to trade at $64.73/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Brent futures have risen as market participants weigh the risk of disruptions to Russian oil flows.

Russian oil company Lukoil has declared force majeure at its 400,000 b/d West Qurna-2 oilfield in Iraq following sanctions by the US and the UK.

“There's still plenty of uncertainty over Russian crude oil flows due to sanctions,” remarked two analysts from ING Bank.

Last month, Washington sanctioned Russian oil companies Rosneft and Lukoil, along with 34 of their subsidiaries. Both companies produce around 50% of the country’s total oil output, according to analysts.

Brent has gained on “mounting evidence that the latest Russia sanctions are disrupting supply,” VANDA Insights’ founder Vandana Hari remarked.

Downward pressure:

Oil market analysts are awaiting the release of monthly market reports from OPEC and the International Energy Agency (IEA).

Last month, the IEA warned that a record oil glut could form in 2026, pushing Brent futures lower.

Concerns of a supply glut in the oil market this year and into early 2026 has put some downward pressure on Brent’s price in recent days.

Notably, OPEC+ producers have agreed to collectively increase their production by another 137,000 b/d in December.

“The outlook for oil is bearish,” ING Bank’s analysts said.

By Aparupa Mazumder

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