Picture used for illustrative purpose. File

Gulf Today Report 

Oil product stockpiles at the Fujairah port declined to an eight week low due to decline in heavy distillates as exports of fuel oil soared.

As of Monday, the total inventory amounted to 21.759 million barrels, 1.8 per cent below that of the previous week, according to data from Fujairah Oil Industry Zone. 

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Heavy distillates fell by 12 per cent to 9.995 million barrels, Middle distillates stocks, including gas and diesel amounted to 4.5 million barrels and Light distillates stocks, such as gasoline, were at 7.264 million barrels as at January 25th.

Fuel oil exports from Fujairah soared to 4.046 million barrels in the week of January 18th, the most since September 2019, according to data analytics firm Kpler. Most of the shipment, almost 3 million barrels, is bound for Asia-Pacific, including Singapore and South Korea.