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Gulf Today, Staff Reporter
Fujairah oil products stockpiles declined to their lowest level in 2021, however, exports of fuel oil set a high record.
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).
Heavy distillates, including marine bunkers and fuel oil, slid by 3 per cent to 9.487 million barrels.
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Middle distillates stocks amounted to 4.166 million barrels as of Monday, it slid by 5 per cent from the previous week.
Light distillates, including gasoline and naphtha stocks, rose to 7.201 million barrels, rising by 3 per cent from a week earlier.
All 11 commercial terminal operators at Fujairah participate in the weekly inventory report, according to FOIZ.
"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, 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.
On Monday, the total inventory amounted to 23.282 million barrels, recording a 7 per cent increase from the previous week, according to Fujairah Oil Industry Zone data.
European and US stock markets slumped on Friday as investors dwelled on the prospect of rising US interest rates. Europe’s main bourses all fell nearly two per cent.
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
Sharjah Islamic Bank (SIB) has opened its newest branch in Abu Dhabi Mall. The decision serves as a key step forward in strengthening the bank’s network in the UAE and reach its growing customer base in the capital city.
Bilateral trade between UAE and Malaysia grew 26.52 per cent to $1.97 billion (Dhs7.25 billion) in the first quarter of 2021, compared to from $1.56 billion (Dh5.73 billion) in the corresponding period last year, reflecting the resilience in two-way trade.