Fujairah’s fuel oil stocks drop by 22% in March

Fujairah’s residual fuel oil inventories have averaged 22% lower so far this month compared to February, according to the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from February to March (so far):

• Heavy distillate and residual stocks down 1.76 million bbls to 6.27 million bbls
• Middle distillate stocks down 829,000 bbls to 2.16 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have fallen below 7 million bbls, reaching their lowest level since September.

The escalating crisis in the Middle East has strained both imports and exports at Fujairah, one of the world’s key oil storage and bunkering hubs. The disruption stems largely from repeated Iranian drone attacks on the port, carried out in retaliation against the Israel–US strikes on Iran. The escalation has also affected trade flows through the Strait of Hormuz, a critical artery for global oil shipments.

So far this month, Fujairah has imported just 55,000 b/d of fuel oil, a sharp decline from 218,000 b/d in February, according to cargo tracker Vortexa. Of these imports, 94% originated from Iran, while Iraq accounted for the remaining 6%.

Fuel oil exports have also dropped significantly, falling by 127,000 b/d to 93,000 b/d. Malaysia received the largest share at 52%, followed by Singapore at 28% and Mauritius at 16%.

Meanwhile, middle distillate inventories at the port have declined as well, averaging 28% lower than last month.

Despite the ongoing attacks, bunkering operations at Fujairah continue. However, most suppliers are quoting on a firm enquiry basis, with availability remaining uncertain, according to a source.

By Tuhin Roy

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