The ARA’s independently held fuel oil stocks have dipped by 2% so far this month compared to October, according to Insights Global data.

Changes in monthly average ARA stocks from October to November (so far): 

• Fuel oil stocks down 140,000 bbls to 8.02 million bbls
• Gasoil stocks down 420,000 bbls to 16.74 million bbls

The region has imported 237,000 b/d of fuel oil so far this month, down from 262,000 b/d imported in October, according to data from cargo tracker Vortexa. The ARA has imported low-sulphur fuel oil (LSFO) and HSFO in a 27/73 ratio in November so far, compared to a 45/55 ratio in October.

Kuwait (27% of the total) has emerged as the region’s biggest fuel oil import source so far this month. France (19%) has come in second place, while the UK (18%) has ranked third. Other import sources include Saudi Arabia (13%) and Poland (10%). 

The ARA hub has exported 287,000 b/d of fuel oil so far this month, a significant increase from 122,000 b/d of fuel oil exported in October. Fuel oil cargoes have mostly departed for Angola (16%), Poland (11%), Cuba (10%), Spain and the US (9% each). 

The ARA hub’s independent gasoil inventories - which include diesel and heating oil - have decreased by 2% so far this month, despite higher imports. The region has imported 472,000 b/d of gasoil so far this month, registering a slight increase from 411,000 b/d of gasoil imported in October, according to Vortexa data.

India (21% of the total) has become the region's topmost import source of gasoil and diesel oil so far this month. Cargoes have also arrived from the UAE (17%), Kuwait (15%), the UK (8%), the US (7%) and Malaysia (5%).

By Manjula Nair

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