Middle East fuel oil exports increase
Estimates indicate that fuel oil exports from the Middle East are set to reach their highest levels in four months during June, surpassing 2.4 million metric tonnes (508,000 barrels per day). This represents an increase of over 20% compared to May. This uptick comes amid improved shipping through the Strait of Hormuz following a temporary agreement between the United States and Iran, despite concerns about limited growth due to uncertainties surrounding the negotiations, regional balance issues, and refinery capacities. Saudi Arabia and Oman are among the largest exporters, while Iraq relies on alternative routes through Syria to export fuel oil.
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