Picture used for illustrative purpose. File
Gulf Today Report
Stockpiles of oil products in Fujairah declined, reaching a two-week low. Heavy distillates and residues also slumped, reaching a 15-month low.
On Monday, stockpiles inventories amounted to 19.671 million barrels, lower by 2.8 per cent from a week earlier, making it the lowest since 26th October when it was at a 13-month low.
Also, heavy distillates and residues stood at 8.941 million barrels, 6 per cent less from the previous week and the lowest since 29th July 2019.
The future of fuel supplies will most likely be tight due to Bahrain Petroleum Co exiting the oil business by 2025, said Bapco Chairman Dawood Nassif in a Gulf Intelligence interview.
On Tuesday, Fujairah completed a marine fuel supply with 0.5% sulphur, which was assessed at US $355/mt, equal to Singapore the world’s largest bunker market.
On Monday, diesel amounted 5.356 million barrels, less than 2 per cent from the previous week. Gasoline was 5.374 million barrels, more than 1 per cent.
"The participation of our international partners in the investigation will help us arrive at impartial conclusions in a transparent manner. That is precisely what the UAE wants from this probe."
As of Monday, the total inventory amounted to 21.759 million barrels, 1.8 per cent below that of the previous week.
On Monday, the stockpiles had a total inventory of 20, 854 million barrels, down 1.6 per cent from the previous week, according to Fujairah Oil Industry Zone (FOIZ).
The number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started more than a year ago, signaling the labor market recovery
Shares rose to near record highs on Thursday, underpinned by a better outlook from Europe’s leading carmaker Volkswagen and increasing confidence in economic recovery in Germany and more widely.
Pakistan Business Council in Dubai, a business policy advocacy platform with 600 business members, has thanked the UAE for its support to the Pakistani business community and vowed to bolster trade between the two countries.
Masdar and Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to develop a 65-megawatt (MW) solar photovoltaic (PV) project in Greece. The project will be managed through the companies’ joint venture Masdar-Taaleri Generation (MTG).