Libya's output has recently been cut by 80,000 b/d after an attack on its export pipeline supplying the Es Sider oil terminal earlier in April.

Switching to LNG is slow, but once the tipping point is crossed, it would be a long term solution, SLNG CEO John Ng said.

US crude stocks saw a surprise build last week, despite record-high exports, while gasoline and distillate inventories were mixed, Energy Information Administration data showed Wednesday.

Crude futures rose slightly Wednesday as weekly US data showed that crude stocks remain at a deficit to the five-year average, even though inventories saw a surprise build last week.

US Gulf Coast residual fuel oil stocks for the week ended Friday fell from the previous week despite a sharp increase in production, Energy Information Administration data showed Wednesday.

The Northwest European fuel oil market could experience a boost in demand from Singapore where a lack of cutter stock in Asia used to blend down high viscosity product has led to a lack of on-spec marine bunker fuel.

Bunker fuel at Algeciras was at a premium to Gibraltar Tuesday due to tight product availability and limited barges at the Spanish port, sources said.

The LNG bunkering will be conducted at Jurong Port which is able to support such operations.