Vitol: Ship Fuel Shortage Persists Despite Oil Flows

A report from Vitol Group indicates that increased oil exports through the Strait of Hormuz are not leading to higher production of high-sulfur marine fuel, contributing to supply shortages and rising prices. The intensification of conflict in the Middle East, coupled with reduced Gulf oil product supplies and decreased shipments from Russia due to attacks on refining facilities, has led to a drop in availability and a surge in high-sulfur fuel oil prices to levels not seen in over seven months in Singapore. Despite increased oil flows, refinery profit margins remain high, prompting refineries to produce more of other products such as diesel. This reduces their reliance on high-sulfur fuel oil and boosts demand for it, especially as oil prices continue to rise despite ongoing tensions.

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