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Vitol: Fuel Shortages Persist Despite Oil Flows
The article by Vitol reports the ongoing scarcity of high-sulfur ship fuel supplies despite increased crude oil flows through the Strait of Hormuz. This is due to reduced production of this type of fuel at refineries as a result of conflicts in the Middle East, attacks on Russian refineries, and disruptions to Saudi oil exports. Consequently, the price of high-sulfur fuel oil has risen, especially in Singapore and Asia, reaching its highest levels in seven months. The market is balancing increased flows against persistent strong demand. North Asian refineries plan to use more than one million tons of high-sulfur fuel oil in November, while China continues to export low-sulfur fuel despite competition over blending components aimed at improving fuel quality and reducing impurities.
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