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Al Jazeera: Geopolitical Conflicts and Refineries Prioritizing Diesel Production Lead to Global Marine Fuel Shortages; Middle East Exports Down 45%, Singapore Prices Up 76%
Al Jazeera reports that geopolitical conflicts (US-Iran conflict, Russia-Ukraine war) and refineries prioritizing the production of more profitable diesel have led to a global shortage of marine fuel. Data shows that Middle Eastern fuel oil exports fell by 45% year-on-year (March to August), and Russian fuel oil exports hit a record low in August. Energy consulting firm Energy Aspects expects a market deficit of 218,000 barrels per day in the third quarter. As a result, the price of VLSFO marine fuel in Singapore has risen by 76% since the US-Iran conflict (as of September 1), and fuel oil inventories in the Netherlands and the UAE are also about 30% lower than the three-year seasonal average. Analysts believe that the marine fuel shortage could push up global shipping costs, subsequently impacting consumers and manufacturers.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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