While availability for HSFO remains tight in bunker markets, demand has softened slightly on the week due to increased volatility in the market.

The deficit in investment that is required to meet oil demand may total $135 billion in 2021-2025, Sechin said.

He added that the climate agenda is now putting pressure on the global oil and gas markets.

September's imports were the highest in five months as economic activity and mobility in Asia's third-largest economy gained momentum after a threat perception about a third wave waned and because of a pick-up in demand after the summer monsoon rain season receded.

Prices have lost previous support, after two weekly reports cited stock builds in inventories, putting a lower ceiling on a recent bullish run.

"Not all physical suppliers here [in Singapore] supply HSFO. Shipping bottlenecks and delayed vessel sailing schedules [in the Asian region] are also weighing on overall demand," an industry source said.

An increased outlet for HSFO comes in the form of sustained demand from the marine fuel sector, despite the International Maritime Organization's sulfur cap reduction for marine fuels.

Rotterdam FOGO bunker spread widens on heating demand

Continued firm bunker prices were compounded by a consistently replenishing tonnage list in both the Atlantic and Mediterranean basins.

Research and development into these new assessments began as Platts identified a growing market demand for utilizing methanol as an alternative marine fuel amid an increased focus in reducing carbon emissions in shipping.

Korea East-West Power has bought 100,000 mt of October-loading LSFO with maximum 0.3% sulfur for its Ulsan power plant.

Material from countries that are subject to international trade sanctions are excluded from the assessment process.

Aramco is developing low-carbon hydrogen production projects, and Al Khowaiter said the natural markets for its exports would be to Asia.

This latest effort signifies a major step towards developing Malaysia as an LNG bunkering hub, Tamrin said.

The next important step will be for proponents of different mechanisms to submit assessments of the likely impacts on the cost of maritime trade, ICS' Bennett said.

Between June 2017 and August 2018, Muhammad Afzal Bin Mohamed Ekbar, a bunker trader at KPI Bridge Oil Singapore Pte Ltd at that time, had allegedly obtained gratifications totaling at least $191,250 from Mohammad Shafiq Bin Nezammuddin, director of Straits Bunkering Pte Ltd at that time, the CPIB said in a statement on Oct. 19

"Several coal-fired power plants will be transformed into LNG-based ones," the official said.

From Oct. 15, all workers in Italy need to provide proof of vaccination, proof of having recently recovered from COVID-19 or a negative test result in order to be able to work.

Under CBAM, Europe plans to impose a tax on imports of products and materials with a high carbon footprint.