17 hrs ago
17 hrs ago
There is confusion on the status of Iranian fuel oil exports.
The semi-official Iranian news agency FNA has quoted a senior Iranian energy official as "categorically rejecting" a Reuters report that Iran had halted exports.
"Some regional traders have spoken of a halt in exports of Iran's fuel oil just for the sake of their own interests and to increase the price of fuel oil," the National Iranian Oil Company (NIOC) International Relations Director, Seyed Mohsen Qamsari, told FNA.
In a detailed report on Friday Reuters had quoted an unnamed NIOC source as saying that exports of Iranian 380 centistokes (cSt) fuel oil had been halted and would not resume for at least a month.
The news agency spoke to market observers who speculated that Iran could be stockpiling product to meet anticipated demand from Iranian power stations in October and November.
Iran exports about 300,000-400,000 metric tonnes (mt) of bunker grade fuel oil a month, with much of the output ending up in the Fujairah bunker hub.
Bunkerworld market reports have been reporting tight avails in Fujairah for much of this month.